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On January 1, 2024, Bishop Company issued 9% bonds dated January 1, 2024, with a...

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Accounting

On January 1, 2024, Bishop Company issued 9% bonds dated January 1, 2024, with a face amount of $27 million. The bonds mature in 2034 (10 years). For bonds of similar risk and maturity, the market yield is 11%. Interest is paid semiannually on June 30 and December 31. Required: Determine the price of the bonds on January 1, 2024. Note: Use tables, Excel, or a financial calculator. Enter your answer in whole dollars. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)

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