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Clark Company issues bonds with face value $10 million at the price of $9 million on January 1, 2020. The bonds have a five-year term
Clark Company issues bonds with face value $10 million at the price of $9 million on January 1, 2020. The bonds have a five-year term and pay interest semiannually on June 30 and December 31 each year. The stated interest rate is 6%. The market interest rate is 8%. What will be the carrying value of the bonds at December 31, 2021? (round to nearest dollar)
Select one:
A. 9,254,788
B. 9,300,000
C. 9,122,400
D. 9,060,000
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