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Doofus Corporation issued bonds with a par value of $800,000. The bonds mature in 10 years and pay interest at 6% annually in semi-annual payments.

Doofus Corporation issued bonds with a par value of $800,000. The bonds mature in 10 years and pay interest at 6% annually in semi-annual payments. The market rate for the bonds is 8%.

(a) Compute the issuance price of the bonds.. (b) Prepare the journal entry to record the issuance of the bonds..

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