Solved: York uses the effective interest method of amortization in, Financial Accounting

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York uses the effective interest method of amortization in

On July 1, 2010, York Co. purchased as a held-to-maturity investment $1,000,000 of Park, Inc.'s 8% bonds for $946,000, including accrued interest of $40,000. The bonds were purchased to yield 10% interest. The bonds mature on January 1, 2017, and pay interest annually on January 1. York uses the effective interest method of amortization. In its December 31, 2010 balance sheet, what amount should York report as investment in bonds?

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Financial Accounting: York uses the effective interest method of amortization in

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Financial Accounting: York uses the effective interest method of amortization in

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