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Present Value of Bonds Payable; Premium Moss Co. issued $100,000 of four-year, 11% bonds with interest payable semiannually, at a market (effective) interest rate of

Present Value ofBondsPayable;Premium

Moss Co. issued $100,000 of four-year, 11% bonds with interest payable semiannually, at a market (effective) interest rate of 8%.

Determine the present value of the bonds payable, using the present value tables inExhibit 8andExhibit 10.

Note: Round to the nearest dollar.

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