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Determine the effective rate of interest

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Reference no: EM133010326

On January 1, 2021, Darnell Window and Pane issued $18.8 million of 10-year, zero-coupon bonds for $6,621,068. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required:

Problem 1: Determine the effective rate of interest.

Problem 2: Prepare the necessary journal entries.

Reference no: EM133010326

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