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Peter purchased a $70,000 bond on its issue date, November 1, 2019. The bond pays interest at maturity, October 31, 2022, at a 3% annual

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Peter purchased a $70,000 bond on its issue date, November 1, 2019. The bond pays interest at maturity, October 31, 2022, at a 3% annual interest rate. What amount of interest must be included in income for 2019? If no amount is included in income, type "nil" in the space provided. Do not use commas or dollar signs. Round your answer to the nearest dollar. A What amount of interest must be included in income for 2020? If no amount is included in income, type "nil" in the space provided. Do not use commas or dollar signs. Round your answer to the nearest dollar. A/ Assume Peter is a corporation (Peter Ltd.) instead of an individual. Peter Ltd. purchased a $70,000 bond on its issue date, November 1, 2019 and the bond pays interest at maturity, October 31, 2022, at a 3% annual interest rate. Peter Ltd. has a December 31st year end

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