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On April 1, 1989, Saxe, Inc. purchased $200,000 face value, 9% U.S. Treasury Notes for...

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Accounting

On April 1, 1989, Saxe, Inc. purchased $200,000 face value, 9% U.S. Treasury Notes for $198,500, including accrued interest of $4,500. The notes mature July 1, 1990, and pay interest semiannually on January 1 and July 1. Saxe uses the straight-line method of amortization. The notes were sold on December 1, 1989 for $206,500, including accrued interest of $7,500. In its October 31, 1989 balance sheet, the carrying amount of this investment should be

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