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On January 1, 2018, Ellison Co. issued 8-year bonds with a face value of $300,000 and a stated interest rate of 7%, payable semiannually on

On January 1, 2018, Ellison Co. issued 8-year bonds with a face value of $300,000 and a stated interest rate of 7%, payable semiannually on June 30 and December 31. The bonds were sold to yield 10%. What is the issue price of the bonds?

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