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6. Present Value of Bonds Payable; Premium Moss Co. issued $105,000 of four-year, 11% bonds with interest payable semiannually, at a market (effective) interest rate

6. Present Value of Bonds Payable; Premium Moss Co. issued $105,000 of four-year, 11% bonds with interest payable semiannually, at a market (effective) interest rate of 8%. Determine the present value of the bonds payable, using the present value tables in Exhibit 8 and Exhibit 10. Note: Round to the nearest dollar.

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