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On December 31, 2018, when the market interest rate is 12%, lee Realty issues $800,000 of 9.25%, 10-year bonds payable. The bonds pay interest semiannually.
On December 31, 2018, when the market interest rate is 12%, lee Realty issues $800,000 of 9.25%, 10-year bonds payable. The bonds pay interest semiannually. Determine the present value of the bonds at issuance. (Round all currency amounts to the nearest whole dollar.)
The present value of the bonds at issuance amounts to $
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