26. Bond issue price and premium amortization. On January 1, 2021, Piper Co. issued ten-year bonds with a face value of $5,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%. Table values are: Present value of 1 for 10 periods at 10% Present value of 1 for 10 periods at 12% Present value of 1 for 20 periods at 5% Present value of 1 for 20 periods at 6% Present value of annuity for 10 periods at 10% 6.145 Present value of annuity for 10 periods at 12% 5.650 Present value of annuity for 20 periods at 5% 12.462 Present value of annuity for 20 periods at 6% 11.470 .386 .322 .377 .312 Instructions (a) Calculate the issue price of the bonds. (b) Assume that the issue price was $4,420,000. Prepare the amortization table for 2021, assuming that amortization is recorded on interest payment dates using the effective-interest method