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On april 1, rio company issued at 99 plus accrued interest, 4000 8% bonds with face amount of P1000 per bond. the bonds are dated

On april 1, rio company issued at 99 plus accrued interest, 4000 8% bonds with face amount of P1000 per bond. the bonds are dated January 1, 2020, mature on January 1, 2030, and pay interest on January 1 and July 1. The entry paid bond issue cost of 140 000.

HOW MUCH CASH WAS RECEIVED FROM THE BOND PAYABLE?

A. 3 820 000

B. 3 960 000

C. 4 040 000

D. 3 900 000

E. NONE

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