Peach, Bourbon and Bacon Baked Beans

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3 slices bacon, diced

1 medium onion, chopped  

Three 15-ounce cans great Northern beans, drained 

1 cup ketchup  

1 cup packed dark brown sugar  

1 cup peach preserves 

3/4 cup chicken broth 

1/4 cup bourbon 

2 teaspoons dry mustard  

1 1/2 teaspoons kosher salt  

1/2 teaspoon freshly ground black pepper  

1/4 teaspoon garlic powder