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Adonis Corporation issued 10-year, 9% bonds with a par value of $180,000. Interest is paid semiannually. The market rate on the issue date was 8%.

Adonis Corporation issued 10-year, 9% bonds with a par value of $180,000. Interest is paid semiannually. The market rate on the issue date was 8%. Adonis received $192,233 in cash proceeds. Which of the following statements is true?

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