Business, 02.03.2020 20:58, walkerobrien5

On January 1, year 4, Purl Corp. purchased, as a long-term investment, $500,000 face value Shaw, Inc. 8% bonds for $456,200. The bonds were purchased to yield 10% interest. Purl has the positive intent and ability to hold the bonds until maturity on January 1, year 10. The bonds pay interest annually on January 1, and Purl uses the interest method of amortization. What amount (rounded to nearest $100) should Purl report on its December 31, year 5, balance sheet for this long-term investment?

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On January 1, year 4, Purl Corp. purchased, as a long-term investment, $500,000 face value Shaw, Inc...