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2 . On September 1, 2021, Davis Shoe Company issued $48 million of 10% bonds at face value. The bonds are dated June 1,2018, and

2. On September 1, 2021, Davis Shoe Company issued $48 million of 10% bonds at face value. The bonds are dated June 1,2018, and mature May 30, 2027. The bonds pay interest semiannually on June 1 and December 1 of each year. How much cash did Sams received when the bonds were issued on September 1, 2018?

a. $49,200,000

b. $50,400,000

c. $ 52,800,000

d. $48,000,000

e. 48,600,000

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