Tennie Pumps Corporation purchased bonds to be held as a long-term investment; they are classified a


QUESTION :

Tennie Pumps Corporation purchased bonds to be held as a long-term investment; they are classified as held-to-maturity. Tennie uses the straight-line method of amortization, and a calendar year reporting period. Other facts are as follows:

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Par value of bonds $300,000
Stated rate of interest 10%
Purchase price $287,960
Purchase date March 1, 2014
Interest payment dates January 1 and July 1
Maturity date January 1, 2020

Instructions

(a) Compute the interest revenue to be reported on the income statement for the year ending December 31, 2014.

(b) Compute the interest revenue to be reported on the income statement for the year ending December 31, 2015.

(c) Compute the interest revenue to be reported on the income statement for the year ending December 31, 2016.

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