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On October 1, 2021, Pharoah Company purchased to hold to maturity, 540, $1000, 10% bonds...

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Accounting

On October 1, 2021, Pharoah Company purchased to hold to maturity, 540, $1000, 10% bonds for $560000. An additional $15,000 was paid for accrued interest. Interest is paid semiannually on December 1 and June 1 and the bonds mature on December 1, 2025. Pharoah uses straight-line amortization. Ignoring income taxes, the amount reported in Pharoah's 2021 income statement from this investment should be

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