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Jorge purchased a newly issued 20000 corporate bond on

Question - Jorge purchased a newly issued $20,000 corporate bond on November 1, 2015. The maturity date of the bond is October 31, 2020 and the annual interest rate is 5%, paid on October 31 of each year. How much interest income should Jorge report on his 2015 and 2016 tax returns?

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Accounting Basics: Jorge purchased a newly issued 20000 corporate bond on

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