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Tano Company issues bonds with a par value of $96,000 on January 1 of the current year. The bonds' annual contract rate is 9%, and

image text in transcribed Tano Company issues bonds with a par value of $96,000 on January 1 of the current year. The bonds' annual contract rate is 9%, and interest is paid semiannually on June 30 and December 31 . The bonds mature in three years. The annual market rate at the date of issuance is 120%, and the bonds are sold for $88,919

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