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On January 1, 20X1, Investor Company purchased all of the Glenwood Company bonds when they were issued. Given the market interest rate of 10% compounded

On January 1, 20X1, Investor Company purchased all of the Glenwood Company bonds when they were issued. Given the market interest rate of 10% compounded semi-annually, the total purchase price was $2,379.06. Investor Company has classified this investment in bonds as a HELD-TO-MATURITY investment. What is the amount of interest revenue that Investor Company will report with respect to the June 30, 20X1 receipt of interest of $105.00 ($3,000 .07 6/12)? Investor Company uses the effective interest amortization method.

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