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On July 1, 20Y1, Lakeshore Gelato issued $900,000 of 10-year, 8% bonds at a market...

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Accounting

On July 1, 20Y1, Lakeshore Gelato issued $900,000 of 10-year, 8% bonds at a market (effective) interest rate of 9%, receiving cash. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: 1. Determine the amount received for the bonds by using the tables shown in Appendix A of your eBook - - very bottom of the Table of Contents. (Round to the nearest dollar.)

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