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On the first day of its fiscal year, Ebert Company issued $16,000,000 of 5-year, 11%...

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Accounting

On the first day of its fiscal year, Ebert Company issued $16,000,000 of 5-year, 11% bonds to finance its operations. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 12%, resulting in Ebert receiving cash of $15,411,279. The company uses the interest method

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