Using the interest method pell recorded bond discount, Ask an Expert

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On July 1, 2011, Pell Co. purchased Green Corp. 10-year, 8% bonds with a face amount of $500,000 for $420,000. The bonds mature on June 30, 2019, and pay interest semiannually on June 30 and December 31. Using the interest method, Pell recorded bond discount amortization of $1,800 for the six months ended December 31, 2011. From this long-term investment, Pell should report 2011 revenue of ??

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M961821

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