IIIIIII On January 1, 2017, Ellison Co. issued eight year bonds with a face value of $5,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. Table values are: Present value of 1 for a periods at 6% .627 Present value of 1 for periods at 8%...... .540 Prosent value of 1 for 16 periods at 3%...... .623 Present value of 1 for 16 periods at 4%...... .534 Present value of annuity for 8 periods at 6%...... 6.210 Present value of annuity for 8 periods at 8%..... 5.747 Present value of annuity for 16 periods at 3%.......... 12.561 Present value of annuity for 16 periods at 4%................ 11.652 9. The present value of the interest is a $2.068,920. b. $2,097,360. c. $2.235,600. d. $2.280,980. On January 1, 2017, Ellison Co. Issued eight-year bonds with a face value of $6,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. Table values are: Present value of 1 for 8 periods at 6%................ .627 Present value of 1 for 8 periods at 8%........ .540 Present value of 1 for 16 periods at 3%..... .623 Present value of 1 for 16 periods at 4%.......... .534 Present value of annuity for 8 periods at 6%........ 6.210 Present value of annuity for 8 periods at 8% .... 5.747 Present value of annuity for 16 periods at 3%........ 12.561 Present value of annuity for 16 periods at 4% ..... 11.652 10. The issue price of the bonds is a $5,301,360. b. $5,308,920 c. $5,337,360. d. $5,997,600