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How much the company received from the sale of these bonds

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Question - On January 1, 2020, Larkspur Inc. issued $580,000 of 4-year, 4% bonds to yield a market interest rate of 5%. Interest is paid every quarter on January 1, April 1, July 1, and October 1. Larkspur has a calendar year end.

After recording the December 31, 2021 accrual for quarterly interest, and making the payment on January 1, 2022, all the bonds were redeemed at 103.

Use Excel or a financial calculator to determine how much the company received from the sale of these bonds.

Reference no: EM132600094

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