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a company issued 11%, 10 year bonds with a par value of $3,700,000. Interest is paid semiannually. The market interest rate on the issue date
a company issued 11%, 10 year bonds with a par value of $3,700,000. Interest is paid semiannually. The market interest rate on the issue date was 12% and the issuer received $3,560,000 cash for the bonds.
Record issuance of the bond and the first semiannual interest payment
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