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Pearce Corporation issued $580,000 of 6%, 10-year bonds payable on March 31, 2019. The market...

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Accounting

Pearce Corporation issued $580,000 of 6%, 10-year bonds payable on March 31, 2019. The market interest rate at the date of issuance was 10%, and the bonds pay interest semiannually. Pearce Corporation's year-end is March 31.

Using the PV function in Excel, calculate the issue price of the bonds.

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