On 1 January 20X2, Lucky Company purchased $7,000,000 of Fire Corp. 6% bonds, classified as...
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On 1 January 20X2, Lucky Company purchased $7,000,000 of Fire Corp. 6% bonds, classified as a FVTPL. The bonds pay semi-annual interest each 30 June and 31 December. The market interest rate was 7% on the date of purchase. The bonds mature on 30 December 2011. At the end of 20X2, the bonds had a fair value of $6,600,000. (PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: 1. Calculate the price paid by Lucky. (Round time value factor to 5 decimal places. Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Price paid
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