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How much is the Total Liability to be paid on January 1, 2021? Please explain....

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Accounting

How much is the Total Liability to be paid on January 1, 2021? Please explain.

On January 1, 2019, BSA Corp. issued redeemable preference shares equal to par of $3,000,000 which is at the option of the shareholders. There were no dividends to be paid on these shares but the shareholders have the right to require BSA Corp. to redeem the shares on January 1, 2021 for a redemption price of $3,350,000. The rate which is implicit to the agreement is 5% NOT COMPOUNDED.

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