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Present Value of Bonds Payable; Premium Mason Co. issued $860,000 of four-year, 12% bonds with interest payable semiannually, at a market (effective) interest rate of

Present Value of Bonds Payable; Premium Mason Co. issued $860,000 of four-year, 12% bonds with interest payable semiannually, at a market (effective) interest rate of 11% Determine the present value of the bonds payable, using the present value tables in Exhibit 4 and Exhibit 5. Round to the nearest dollar

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