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A company issues $25750000, 7.8%, 20-year bonds to yield 8% on January 1, 2016. Interest is paid on June 30 and December 31. The proceeds

A company issues $25750000, 7.8%, 20-year bonds to yield 8% on January 1, 2016. Interest is paid on June 30 and December 31. The proceeds from the bonds are $25240330. Using straight-line amortization, what is the carrying value of the bonds on December 31, 2018?

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