On July 1, 2024, Peterson Co. purchased Smart Corp. 10-year, 8% bonds with a face...
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On July 1, 2024, Peterson Co. purchased Smart Corp. 10-year, 8% bonds with a face amount of $500,000 for $420,000. The bonds are classified as held-to-maturity, mature on June 30, 2034, and pay interest semiannually on June 30 and December 31. Using the effective interest method, Peterson recorded bond discount amortization of $1,700 for the 6 months ended December 31, 2024. What amount of 2024 revenue should Peterson report from this long-term investment?
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