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On January 1, 2021, Masterwear Industries issued 20,000 of their $411,000 of 7% bonds, dated January 1. Interest payable semiannually on June 30 and December

On January 1, 2021, Masterwear Industries issued 20,000 of their $411,000 of 7% bonds, dated January 1. Interest payable semiannually on June 30 and December 31. The bonds mature in three years. The market yield for bonds of similar risk and maturity is 9%. Book value on December 31st is 353,100. Determine the price of the bond, interest payments and the fair value on December 31.

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