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Carpool Inc. issued six-year 7% bonds with a face value of $500,000 on January 1, 2018 when the market (effective) rate of interest was 8%.

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Carpool Inc. issued six-year 7% bonds with a face value of $500,000 on January 1, 2018 when the market (effective) rate of interest was 8%. The bonds pay annual interest on December 31. Carpool uses the effective interest method. The carrying amount of the bonds on Carpool's Balance Sheet on December 31, 2019 is

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