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5. (20 Points) Determine the market price of a $3,000,000. 5-year, 6% (pays interest quarterly) bond. At the time of issuance, the market interest rate

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5. (20 Points) Determine the market price of a $3,000,000. 5-year, 6% (pays interest quarterly) bond. At the time of issuance, the market interest rate for similar financial instrument is 8%. Required: a) Compute the selling price of the bond (round to nearest dollar) b) Record the journal entry upon issuance of the bond

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