Determine whether the following bonds payable will be issued at par value, at a pre- mium, or at a discount:

a. The market interest rate is 9%. Sicily, Inc., issues bonds payable with a stated rate of 8 1/2%.

b. Galatia Corp. issued 7 1/2% bonds payable when the market rate was 7 1/2%.

c. Cyprus Corporation issued 8% bonds when the market interest rate was 6 7/8%.

d. Tyre Company issued bonds payable that pay cash interest at the contract rate of 7%. At the date of issuance, the market interest rate was 8 1/4%.