Bond Premium, Entries for Bonds Payable Transactions

Rodgers Corporation produces and sells football equipment. On July 1, 20Y1, Rodgers issued $56,900,000 of 10-year, 14% bonds at a market (effective) interest rate of 13%, receiving cash of $60,034,945. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year.

5. Compute the price of $60,034,945 received for the bonds by using the present value tables in Appendix A. Round your PV values to 5 decimal places and the final answers to the nearest dollar. Your total may vary slightly from the price given due to rounding differences.

Present value of the face amount ?

Present value of the semi-annual interest payments?

Price received for the bonds ?

Please explain how you get the answer?