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Assume bonds payable are amortized using the straight-line amortization method unless stated otherwise. Determining the present value of bond at issuance On December 31, 2018,

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Assume bonds payable are amortized using the straight-line amortization method unless stated otherwise. Determining the present value of bond at issuance On December 31, 2018, when the market interest rate is 12%, Benson Realty issues $600,000 of 9.25%, 10-year bonds payable. The bonds pay interest semiannually. Determine the present value of the bonds at issuance

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