15 Part 1 of 4 1.53 points Required information Problem 7-31 (Algo) Bonds payable-calculate issue price and amortize discount LO 8 [The following information applies to the questions displayed below.] On January 1, 2019, Drennen Inc. issued $4.1 million face amount of 7-year, 14% stated rate bonds when market interest rates were 12%. The bonds pay semiannual interest each June 30 and December 31 and mature on December 31, 2025. Table 6-4, Table 6-5 (Use appropriate factor from the table provided.) Problem 7-31 (Algo) Part a Required: a. Calculate the proceeds (issue price) of Drennen Inc.'s bonds on January 1, 2019, assuming that the bonds were sold to provide a market rate of return to the investor. (Round PV factor to 4 decimal places.) Answer is complete but not entirely correct. Proceeds $ 2,322,959 Return to question