A $700,000, 20-year, 8% bond issue was sold to yield 10%. Interest was payable annually. Actuarial information for 20 periods follows:   8% 10% Future value of $1 4.66096 6.72750 Present value of $1 0.21455 .14864 Future value of an annuity of $1 45.76196 57.27500 Present value of an annuity of $1 9.81815 8.51356 Required: Compute the amount of cash that was received when the bonds were issued. When required, round your answer to the nearest dollar. $fill in the blank 1

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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A $700,000, 20-year, 8% bond issue was sold to yield 10%. Interest was payable annually. Actuarial information for 20 periods follows:

  8% 10%
Future value of $1 4.66096 6.72750
Present value of $1 0.21455 .14864
Future value of an annuity of $1 45.76196 57.27500
Present value of an annuity of $1 9.81815 8.51356

Required:
Compute the amount of cash that was received when the bonds were issued. When required, round your answer to the nearest dollar.
$fill in the blank 1

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