Question 28 2.5 pts On July 1, 2018, Richmond Company purchased 8% bonds of Commonwealth Corporation with a par value of $400,000 for $350,000. The applicable market rate of interest is 10%. The bonds are to be held to maturity and pay interest semiannually on June 30 and December 31. Richmond uses the effective interest method. The market value of the bonds on December 31, 2018, was $380,000 Richmond should report the bond investment at December 31, 2018, at $351,500 $380.000 $364.000 $350.000