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On September 1, 2016, Sam's Shoe Co. issued $440,000 of 7% 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. $354,667
b. $364,000
c. $378,000
d. $350,000
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