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On January 1, 2014, Z Company issues $1 million of 10 year bonds at 98 with 4% interest payable semiannually. What is the value of

On January 1, 2014, Z Company issues $1 million of 10 year bonds at 98 with 4% interest payable semiannually. What is the value of the bonds payable account on December 31, 2014? (Please note that this question is NOT asking for the carrying value of the bonds.)

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