On January 1, 2016, Bishop Company issued 10% bonds dated January 1, 2016, with a face amount of $19.0 million. The bonds mature in 2025 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31(FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Enter your answers in whole dollars.)

Required:

1.	Determine the price of the bonds at January 1, 2016 bond value