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On July 1, Year 1, Danzer Industries Inc, issued $40,000,000 of 10-year, 7% bonds at a market (effective) interest rate of 8%, receiving cash of

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On July 1, Year 1, Danzer Industries Inc, issued $40,000,000 of 10-year, 7% bonds at a market (effective) interest rate of 8%, receiving cash of $37, 282, 062. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year

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