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on january 1, princeton, inc. issued $2 million of 8% bonds at 93.5% of par, based on an effective rate of 9%. the bonds pay interest on june 30 and december 31. using the effective interest rate method, princeton’s bond liability immediately after the first coupon payment is made is closest to: $1,870,000. $1,874,150. $2,000,000.
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