Question
On June 1, $40,000 of treasury bonds were purchased between interest dates. The broker commission was $600. The bonds pay interest at 12%, which is
On June 1, $40,000 of treasury bonds were purchased between interest dates. The broker commission was $600. The bonds pay interest at 12%, which is paid semiannually on January 1 and July 1. How much interest revenue will be recorded on July 1?
$400
$406
$2,000
$2,400
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Introduction To Accounting
Authors: Peter Scott
2nd Edition
0198849966, 978-0198849964
