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1. Moss Co. issued a 5-year bond with a face amount of $42,000, contract rate of 14% (interest payable semiannually), and a current market rate

1. Moss Co. issued a 5-year bond with a face amount of $42,000, contract rate of 14% (interest payable semiannually), and a current market rate of 11%. Determine the present value of the bonds payable. Round your final answer to the nearest dollar.

2.Based off your calculation above, record the resulting journal entry.

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