On January 1, 2012, Haley Co. issued ten-year bonds with a face amount of $3,000,000 and a stated interest rate of 8% payable annually on January 1. The bonds were priced to yield 10%. Present value factors are as follows:

	At 8%	At 10%
Present value of 1 for 10 periods	0.463	0.386
Present value of an ordinary annuity of 1 for 10 periods	6.710	6.145

The total issue price of the bonds was

		$3,000,000.
		$2,940,000.
		$2,760,000.
		$2,632,800.