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Business, 01.07.2019 23:30 loyaltyandgood

Patton company purchased $600,000 of 10% bonds of scott co. on january 1, 2013, paying $564,150. the bonds mature january 1, 2023; interest is payable each july 1 and january 1. the discount of $35,850 provides an effective yield of 11%. patton company uses the effective-interest method and plans to hold these bonds to maturity. for the year ended december 31, 2013, patton company should report interest revenue from the scott co. bonds of:

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Patton company purchased $600,000 of 10% bonds of scott co. on january 1, 2013, paying $564,150. the...

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