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On January 1, Parson Freight Company issues 70%, 10-year bonds with a par value of $4,000,000. The bonds pay interest semiannually. The market rate of

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On January 1, Parson Freight Company issues 70%, 10-year bonds with a par value of $4,000,000. The bonds pay interest semiannually. The market rate of interest is 8.0% and the bond selling price was $3,728,197. The bond issuance should be recorded as

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