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On February 1, 2019, Smith Corporation issued 5-year bonds dated January 1, 2019, with a...

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Accounting

On February 1, 2019, Smith Corporation issued 5-year bonds dated January 1, 2019, with a par value of $500,000 at 101 plus accrued interest. The bonds carry a stated rate of 4% and pay interest semi-annually on January 1 and July 1 beginning July 1, 2019. How much cash was received by Smith Corp. from the bondholders on February 1, 2019?

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