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On January 1, 2014, Ellison Co. issued eight-year bonds with a face value of $3,000,000 and a stated interest rate of 6%, payable semiannually on

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On January 1, 2014, Ellison Co. issued eight-year bonds with a face value of $3,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31 . The bonds were sold to yield 8%. Table values are: (1) How much is the present value of the principal? (2) How much is the present value of the interest? (3) How much is the issue price of the bonds

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