On September 1, 2013, Sam's Shoe Co. issued $350,000 of 8% bonds. The bonds pay interest semiannually on January 1 and July 1 of each year. The bonds were sold at the face amount. How much cash did Sam's receive upon sale of the bonds?
A) $378,000.
B) $364,000.
C) $354,667.
D) $350,000.
Correct Answer:
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