Doyle Company issued $500,000 of 10-year, 7 percent bonds on January 1, 2018. The bonds were issued at face value. Interest is p
ayable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $125,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, 2018
