On January 1, 2020, Baker Co. issued $1,800,000 of 12-year, 9% bonds at an effective...
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Accounting
On January 1, 2020, Baker Co. issued $1,800,000 of 12-year, 9% bonds at an effective interest rate of 8%. The bonds make a cash interest payment each year on December 31. What is the issue price of the bonds on January 1, 2020?
Select one:
a. $1,542,213.89
b. $1,935,649.40
c. $1,800,000.00
d. $1,920,781.47
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