Business, 21.05.2020 22:05 rdeloney4

General Investment Co. (GIC) purchased bonds on January 1, 2021. GIC's accountant has projected the following amortization schedule from purchase until maturity:

Date Cash Received Interest Revenue Amortization Amortized Cost
of Discount
1/1/2021 $194,758
6/30/2021 $7,000 $7,790 $790 195,548
12/31/2021 7,000 7,822 822 196,370
6/30/2022 7,000 7,855 855 197,225
12/31/2022 7,000 7,889 889 198,114
6/30/2023 7,000 7,925 925 199,039
12/31/2023 7,000 7,961 961 200,000

GIC purchased the bonds for .

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