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An entity issues bonds on December 31, 20x4 with the following characteristics: ...

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Accounting

An entity issues bonds on December 31, 20x4 with the following characteristics:

Issue price

$7155362

Face value of bonds

$8000000

Yield to maturity

8.13 %

Coupon rate

4.23 %

The bonds pay interest on June 30 and December 31 of each year. What is the balance in the bonds payable account on June 30, 20x5?

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