Moss Co. issued $340,000 of four-year, 13% bonds, with interest payable semiannually, at a market (effective) interest

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Question:

Moss Co. issued $340,000 of four-year, 13% bonds, with interest payable semiannually, at a market (effective) interest rate of 12%. Determine the present value of the bonds payable, using the present value tables in Exhibit 5 and Exhibit 7. Round to the nearest dollar.