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Drake Company issues $5,000,000,10%,10-year bonds to yield 12% on January 1 , 2020. Interest is...

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Drake Company issues $5,000,000,10%,10-year bonds to yield 12% on January 1 , 2020. Interest is paid on June 30 and December 31 . The proceeds from the bonds are $4,420,000. Drake uses effective-interest amortization. Calculate the bond's carrving value as of 1/1/20

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