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Richards Corporation issued $400,000 of 3%, 10-year bonds on January 1, 2024, for $337,643. This price provided a yield of 5% on the bonds.

Richards Corporation issued $400,000 of 3%, 10-year bonds on January 1, 2024, for $337,643. This price provided a yield of 5% on the bonds. Interest is payable semiannually on June 30 and December 31. If Richards uses the effective-interest method and assume fiscal year ends on October 31, what is the carrying value of bonds reported on the October 31, 2024 balance sheet?

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