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What is the bonds' present value (issue price) on January 1, 2024? (For calculation purposes, use 5 decimal places as displayed in the factor table provided, eg. 0.23465. Round answers to O decimal places, e.g. 5,275.)

What is the bonds' present value (issue price) on January 1, 2024? (For calculation purposes, use 5 decimal places as displayed in the factor table provided, eg. 0.23465. Round answers to O decimal places, e.g. 5,275.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concord Limited issued $1,700,000 of 10-year, 6% bonds on January 1, 2024, when the market interest rate was 7%. Concord received $1,579,201 when it issued these bonds. Interest is payable semi-annually on July 1 and January 1. Concord has a December 31 year end. Click here to view factor tables. What is the bonds' present value (issue price) on January 1, 2024? (For calculation purposes, use 5 decimal places as displayed in the factor table provided, e.g. 0.23465. Round answers to O decimal places, e.g. 5,275.) Bonds' present value (issue price) on January 1, 2024 $
Transcribed Image Text:Concord Limited issued $1,700,000 of 10-year, 6% bonds on January 1, 2024, when the market interest rate was 7%. Concord received $1,579,201 when it issued these bonds. Interest is payable semi-annually on July 1 and January 1. Concord has a December 31 year end. Click here to view factor tables. What is the bonds' present value (issue price) on January 1, 2024? (For calculation purposes, use 5 decimal places as displayed in the factor table provided, e.g. 0.23465. Round answers to O decimal places, e.g. 5,275.) Bonds' present value (issue price) on January 1, 2024 $
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