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On January 1, 2010, Errinwright Corporation issued $6,000,000 of its 6%, 10-year bonds. The market rate for investments of similar risk is 5%. Interest is
On January 1, 2010, Errinwright Corporation issued $6,000,000 of its 6%, 10-year bonds. The market rate for investments of similar risk is 5%. Interest is paid semiannually on June 30 and December 31. On January 1, 2016, Errinwright purchased the bonds on the open market at a price of 105. What is the carrying value of the portion of bonds that are being retired early at the time of repurchase
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