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Duval Company issues four-year bonds with a $110,000 par value on January 1, 2021, at a price of $105,895. The annual contract rate is 7%,

Duval Company issues four-year bonds with a $110,000 par value on January 1, 2021, at a price of $105,895. The annual contract rate is 7%, and interest is paid semiannually on June 30 and December 31. Record the entry for payment of the bonds at maturity. (Assume semiannual interest is already recorded)

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