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[ The following information applies to the questions displayed below. ] On January 1 , 2 0 2 4 , Splash City issues $ 4

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[The following information applies to the questions displayed below.]
On January 1,2024, Splash City issues $480,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 8% and the bonds issued at $447,383.
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