investments

20X7 E5-3 (Investments) Aslan County purchased $3,000,000 of bonds as a General Fund investment on March 1, 20X7, for $3,060,000 plus 4 months accrued interest of $80,000. The bonds mature in 4 years and 2 months. The following events also occurred in 20x7. *1. The county received the semiannual interest payment on the bonds ($120,000) on April 30, 2. The county received the October 31 semiannual interest payment ($120,000). 3. On December 31, the end of Aslan's fiscal year, the fair value of its bond investment was $3,065,000 (excluding accrued interest). 2. Record these transactions in the General Ledger accounts of the Asian County General Required Fund. b. Compute the investment income that should be reported for this investment