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A $100,000 bond payable is issued on June 1, 20X1 at 106. The bond comes due in exactly 5 years. The bond pays annual cash

A $100,000 bond payable is issued on June 1, 20X1 at 106.

The bond comes due in exactly 5 years.

The bond pays annual cash interest of 12% with payments every June 1 and December 1.

Assuming the straight-line method is being used, how much (rounded) should be reported for the liability as of December 31, 20X1?

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