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Maverick Corporation issues 8%, 5 year bonds with a par value of $1,000,000 and semiannual...

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Accounting

Maverick Corporation issues 8%, 5 year bonds with a par value of $1,000,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 8%. What is the bonds issue (selling) price? Record the journal entry for the sale of these bonds.

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