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Bonds with a stated interest rate of 9% and a face value totaling $634,000 were...

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Accounting

Bonds with a stated interest rate of 9% and a face value totaling $634,000 were issued for $659,360 on January 1, 2021, when the market interest rate was 8%. The company uses effective-interest bond amortization.

Required:

Determine the carrying value of the bonds at December 31, 2022.

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