Mason Co. issued $430,000 of four-year, 11% bonds with interest payable semiannually, at a market (effective) interest rate of 10%. Determine the present value of the bonds payable, using the present value tables in Exhibit 4 and Exhibit 5. Round to the nearest dollar.

EXHIBIT 4 Present Value of $1 at Compound Interest ANI-No 10% 0.90909 0.82645 Periods 13% 4% 0.96154 0.956940 0.92456 0.915730 5% 0.95238 0.90703 51/2% 0.94787 0.89845 6% 0.94340 0.89000 7% 0.93458 0.87344 11% 0.90090 0.81162 12% 0.89286 0.79719 0.88496 0.78315 0.88900 0.876300 086384 0.85161 0.83962 0.81630 0.7513 0.73119 0.71178 0.69305 0.80722 0.76513 4 0.61332 0.85480 0.838560 0.82193 0.802450 0.82270 0.79209 0.74726 0.76290 0.71299 0.68301 0.62092 0.65873 0.59345 0.63552 0.56743 0.78353 0.54276 0.79031 0.767900 0.74622 0.72525 0.70496 0.66634 0.56447 0.53464 0.50663 0.48032 0.42506 0.37616 0.33288 0.29459 6 0.75992 0.734830 0.73069 0.703190 0.70259 0.672900 0.67556 0.643930 0.71068 0.67684 0.64461 0.61391 0.68744 0.65160 0.61763 0.58543 0.66506 0.62741 0.59190 0.55839 0.62275 0.58201 0.54393 0.50835 0.51316 0.46651 0.42410 0.38554 0.48166 0.43393 0.39092 0.35218 0.45235 0.40388 0.36061 0.32197 EXHIBIT 5 Present Value of an Annuity of $1 at Compound Interest 42% 0.95694 10% 0.90909 Periods 1396 5%% 0.94787 7% 0.93458 11% 4% 0.96154 596 0.95238 6% 0.94340 12% 0.89286 58 0.88496 1.88609 .872671.85941 1.84632 1.83339 1.80802 1.735541.71252 .69005 .66810 2.77509 2.748962.72325 2.69793 2.67301 2.62432 2.48685 2.44371 2.40183 236115 3.545953.50515 3.46511 3.38721 3.16987 3.10245 3.03735 2.97447 4.45182 4.389984.32948 4.27028 4.21236 4.10020 3.790793.69590 3.60478 3.51723 5.242145.157875.07569 4.99553 4.91732 4.766544.35526 4.23054 4.11141 3.99755 6.00205 5.89270 5.78637 5.68297 5.58238 5.38929 4868424.71220 4.56376 4.42261 6.73274 6.59589 6.46321 6.334576.20979 5.97130 5.33493 5.14612 4.967644.79677 7.10782 6.95220 6.80169 6.51523 5.75902 5.53705 5.32825 5.13166 7.72173 7.53763 7.36009 7.02358 6.14457 5.88923 5.65022 5.42624 0.90090 4 3.62990 3.58753 6 7.43533 7.26879 7.91272 8.11090