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Pharoah Company purchased $1700000 of 11% bonds of Scott Company on January 1, 2021, paying $1602375. The bonds mature January 1, 2031; interest is payable

Pharoah Company purchased $1700000 of 11% bonds of Scott Company on January 1, 2021, paying $1602375. The bonds mature January 1, 2031; interest is payable each July 1 and January 1. The discount of $97625 provides an effective yield of 12%. Pharoah Company uses the effective-interest method and plans to hold these bonds to maturity. On July 1, 2021, Pharoah Company should increase its Debt Investments account for the Scott Company bonds by $4881. $9763. $2643 $5285

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