Lyman uses straight-line amortization. ignoring income, Ask an Expert

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On October 1, 2007, Lyman Co. purchased to hold to maturity, 200, $1,000, 9% bonds for $208,000. An additional $6,000 was paid for accrued interest. Interest is paid semiannually on December 1 and June 1 and the bonds mature on December 1, 2011. Lyman uses straight-line amortization. Ignoring income taxes, the amount reported in Lyman's 2007 income statement from this investment should be ??

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Accounting Basics, Accounting

Category:- Accounting Basics
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