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Posted on Jun 10, 2024

Cleveland Company issued $ 4 8 0 , 0 0 0 , 6 % , 5 - year bonds on January 1 , 2 0

Cleveland Company issued $

480, 000, 6 %, 5 -

year bonds on January

1, 2023

when the effective interest rate was

8 % .

Interest is payable semiannually. Determine the selling price of the bonds.

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