How much is the bonds payable value reflected on the balance

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Question - A company issues $3,000,000 face value of 8-year bonds on 1 January 2015 when the market interest rate on bonds of comparable risk and terms is 3%. The bonds pay 5% interest annually on 31 December. At the time of issue, how much is the bonds payable value reflected on the balance sheet?

Reference no: EM132691843

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