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On January 1, a company issues bonds with a par value of $300,000. The bonds mature in 5 years and pay 8% annual interest each
On January 1, a company issues bonds with a par value of $300,000. The bonds mature in 5 years and pay 8% annual interest each June 30 and December 31. On the issue date, the market rate of interest is 6%. Compute the price of the bonds on their issue date, and record the entry to recognize the sale.
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