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Required information The following information applies to the questions displayed bolow] At the beginning of his current tax year, David inverts $12,000 in original issue

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Required information The following information applies to the questions displayed bolow] At the beginning of his current tax year, David inverts $12,000 in original issue U.S. Treasury bonds with a $10,000 tace value that mature in exactly 10 years. David receives $700 in interest (\$350 every six months) from the Treasury bonds during the current year, and the yield to maturity on the bonds is 5 percent Note: Round your intermediate calculations to the nearest whole dollar amount. a. How much interest income will he report this year if he elects to amortize the bond promium

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