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A company issues $500,000 of 10-year bonds with a coupon rate of 8% paid semi-annually. If the market interest rate is 6%, calculate the bond's

A company issues $500,000 of 10-year bonds with a coupon rate of 8% paid semi-annually. If the market interest rate is 6%, calculate the bond's issue price and prepare the journal entry to record the bond issuance.

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