Accrued Interest on Bonds. (Obj. 3) Ramona purchased a $40,000 par value bond of DPQ Corporation. She paid the seller $40,533 ($40,000 par value + $533 accrued interest). The 8% bond pays interest semiannually on June 30 and December 31. Ramona received the first semiannual interest payment of $1,600 on December 31, 2014. Discuss how much interest income Ramona must include in gross income in 2014.