January 1, 2022, an investor company acquires $220,000 of the investee companys 5% bonds at...
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Accounting
January 1, 2022, an investor company acquires $220,000 of the investee companys 5% bonds at a price of $166,000. Interest is received on January 1 of each year, and the bonds mature on January 1, 2032. The investment will provide the investor a 10% yield (assumed for ease of computation. Please do not attempt computations beyond years necessary). The bonds are classified as held-to-maturity. Applying the effective-interest method, for the year of 20222, the investor company will record Interest Revenue of $ ________?
Please show work with the computation
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