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On January 1, 2024, Rodriguez Window and Pane issued $20.0 million of 10-year, zero-coupon bonds for $7,710,866. Required: 2. Determine the effective rate of interest.

On January 1, 2024, Rodriguez Window and Pane issued $20.0 million of 10-year, zero-coupon bonds for $7,710,866.

Required:

2. Determine the effective rate of interest.

1. & 3. to 5. Prepare the necessary journal entries.

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