Solved: The market rate of interest for such bonds on september 1, Accounting Basics

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The market rate of interest for such bonds on september 1

Question - Jimeniz Enterprises issued 9%, 5-year, $2,600,000 par value bonds that pay interest semiannually on September 1 and March 1. The bonds are dated September 1, 2014, and are issued on that date. The market rate of interest for such bonds on September 1, 2014, is 10%. What cash proceeds did Jimeniz receive from issuance of the bonds?

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Accounting Basics: The market rate of interest for such bonds on september 1

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