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Sunland Company issues $4970000, 8%, 5-year bonds dated January 1, 2017 on January 1, 2017. The bonds pay interest semiannually on June 30 and December

Sunland Company issues $4970000, 8%, 5-year bonds dated January 1, 2017 on January 1, 2017. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 7%. What are the proceeds from the bond issue?

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