21. On January 1, 20A, A-Ace Corp. issued $3,000,000 par value 12%, 10 year bonds which pay interest each December 31. If the market rate of interest was 14%, the issue price of the bonds should be? (The present value factor for $1 in 10 periods at 12% is .3220 and at 14% is .2697. The present value of an annuity of $1 factor for 10 periods at 12% is 5.6502 and at 14% is 5.2161.) A) $3,339,084 B) $2,843,172 C) $3,000,000 D) $2,686,896 E) None of the above is correct. 22. Haloran reported the following asset and liability balances at the end of 20D and 20E 20D 20E Total Assets $6,800,000 $7,600,000 Total Liabilities $3,200,000 $3,600,000 Cash $750,000 $920,000 During 20E, cash dividends of $80,000 were declared and paid. Additional capital stock was issued for $100,000. Therefore, the net income (or net loss) for 20E was A) $400,000 B) $480,000 C) $380,000 D) $300,000 E) none of the above