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Compute the price of the bonds as of the issue date

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Reference no: EM132487807

Citywide Company issues bonds with a par value of $85,000. The bonds mature in seven years and pay 10% annual interest in semiannual payments. The annual market rate for the bonds is 8%.

Question 1. Compute the price of the bonds as of their issue date.

Question 2. Prepare the journal entry to record the bonds' issuance.

Reference no: EM132487807

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