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On December 3 1 , 2 0 2 5 , when the market interest rate is 1 0 % , Armstrong Corporation issues $ 2

On December31,2025, when the market interest rate is 10%, Armstrong Corporation issues $ 250,000 of 6%,12-year bonds payable. The bonds pay interest semiannually. Determine the present value of the bonds at issuance.

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