On January 1, 2015, Piper Co. issued ten-year bonds with a face value of $3,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. Table values are:

Present value of 1 for 10 periods at 10%		.386
Present value of 1 for 10 periods at 12%		.322
Present value of 1 for 20 periods at 5%		.377
Present value of 1 for 20 periods at 6%		.312
Present value of annuity for 10 periods at 10%		6.145
Present value of annuity for 10 periods at 12%		5.650
Present value of annuity for 20 periods at 5%		12.462
Present value of annuity for 20 periods at 6%		11.470

Calculate the issue price of the bonds.

Prepare all journal entries for 2016