Kelly purchased a $1,000 face value bond on January 2, 2016, for $l,000.The bond was issued on
Question:
Kelly purchased a $1,000 face value bond on January 2, 2016, for $l,000.The bond was issued on the same date, January 2, 2016. Interest is payable at 4% compounded semi-annually on uncashed coupons on each of June 30 and December 31 at the investor’s option.
REQUIRED
Assume Kelly exercised her option on December 31 for interest payable on both June 30 and December 31, 2016. What amount of income will Kelly have to include in 2016. Ignore the effects of the leap year.
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