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A company issues $15,000,000, 7.8%, 20- year bonds to yield 8% on January 1, 2017. Interest is paid on June 30 and December 31. The

A company issues $15,000,000, 7.8%, 20-

year bonds to yield 8% on January 1, 2017.

Interest is paid on June 30 and December 31. The proceeds from the bonds are $14,703,108.

Using effective-

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

December 31, 2017 balance sheet?

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