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On January 1, 2014, Bell Co. purchased 4,000 of P 1,000 face value, 10% bonds of Pepper Company for p 4,270,600. The bonds will mature on January 1, 2018 and pay interest semiannually on January 1 and July 1. The bond effective interest rate is 8 %. Bell Co. measures its investments at amortized cost. In its December 31, 2014 income statement, how much should Bell report as interest income on the bonds? P 340,481