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A company issues $ 1 5 , 0 0 0 , 0 0 0 , 7 . 8 % , 2 0 - year bonds

A company issues $

15, 000, 000, 7.8 %, 20 -

year bonds to yield

8 %

on January

1, 2020 .

Interest is paid on June

30

and December

31 .

Using effective

-

interest amortization, what will the carrying value of the bonds be on the December

31, 2020

balance sheet?

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