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Redbird Industries issued $4,000,000 of 8% bonds on September 1, 20X1. These bonds pay interest semi-annually on March 1 and September 1 and mature in

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Redbird Industries issued $4,000,000 of 8% bonds on September 1, 20X1. These bonds pay interest semi-annually on March 1 and September 1 and mature in 10 years. The bonds are sold to yield 12%. Redbird closes its books annually on December 31st. a. What is the issue price of the bond (show work)? b. Provide the necessary journal entry at issuance

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