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On July 1 2017 RectangleInc purchased Diamond Company& five ear 12 bonds with a face value of $500000 for $569000 which included $25000 of accrued interest The bonds which mature

On July 1, 2017, Rectangle, Inc. purchased Diamond Company's five-year 12% bonds with a face value of $500,000 for $569,000, which included $25,000 of accrued interest. The bonds, which mature on February 1, 2022, are to be held-to-maturity and pay interest on February 1 and August 1. Rectangle uses the straight-line method of amortization. The amount of income that Rectangle would report for the calendar year 2017 as a result of this long-term investment would be______

 

Mar 21 2020 View more View Less

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