MC Q. On January 1, 2021, Brooks, Corp. purchased $100,000 of Raymond Company bonds at a premium of $8,000. The Raymond bonds pay 8% interest but were purchased when the market interest rate was 7% for bonds of similar risk and maturity. The bonds pay interest semiannually on June 30 and December 31 of each year. Brooks, Corp. accounts for the bonds as a held- to-maturity investment, and uses the effective interest method. In Brook's December 31, 2021, journal entry to record the second period of interest, Brooks would record a credit to interest revenue of Mc Graw Hill Multiple Choice $3,780 $3,500. $3772 6MM < Prev 13 of 35 Next > O G