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Present value of bonds payable; premium Moss Co. issued $700,000 of four-year, 12% bonds, with interest payable semiannually, at a market (effective) interest rate of

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Present value of bonds payable; premium Moss Co. issued $700,000 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 5 and Exhibit 7. Round to the nearest dollar

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