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On September 1, 2016, Sam's Shoe Co. issued $550,000 of 10% bonds. The bonds pay interest semiannually on January 1 and July 1 of each

On September 1, 2016, Sam's Shoe Co. issued $550,000 of 10% bonds. The bonds pay interest semiannually on January 1 and July 1 of each year. The bonds were sold at the face amount. How much cash did Sam's receive upon sale of the bonds

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