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King James Company issued $30,000,000, 8%, 10-year bonds dated January 1, 2020 on March 1, 2020. The bonds pay interest semiannually on June 30 and

King James Company issued $30,000,000, 8%, 10-year bonds dated January 1, 2020 on March 1, 2020. The bonds pay interest semiannually on June 30 and December 31. The bonds yield 7%. The proceeds from the bond issue were __________.

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