Kelemen Asset Management invested in the bonds of DEF Co. on 1/1/16. Kelemen intends to...
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Kelemen Asset Management invested in the bonds of DEF Co. on 1/1/16. Kelemen intends to hold the bonds until maturity. These 5-year bonds had a face value of $300,000, pay 5% interest on 6/30 and 12/31 of each year, and were issued when the market rate of interest was 6%, resulting in a cost of $287,205. How much interest revenue will Kelemen record on 6/30/16?
| A. |
| $7,180 |
| B. |
| $9,000 |
| C. |
| $8,616 |
| D. |
| $7,500 |
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