Bond prices depend on the market rate of interest, stated rate of interest, and time. Determine whether the following bonds payable will be issued at face value, at a premium, or at a discount:

a. The market interest rate is 4%. Denton issues bonds payable with a stated rate of 4%.

b. Starkville issued 8% bonds payable when the market interest rate was 8.25%.

c. Houston issued 6% bonds when the market interest rate was 5%.

d. Federal issued bonds payable that pay the stated interest rate of 5.5%. At issuance, the market interest rate was 7.75%.