Problem
Kelemen Asset Management invested in the bonds of DEF Co. on? 1/1/16. Kelemen intends to hold the bonds until maturity. These? 5-year bonds had a face value of? $300,000, pay? 5% interest on? 6/30 and? 12/31 of each? year, and were issued when the market rate of interest was? 6%, resulting in a cost of? $287,205. How much interest revenue will Kelemen record on?