On January 1 2016, Learned, Inc., issued $70 million face amount of 20-year, 14% stated rate bonds when market interest rates were 16%. The bonds pay interest semiannually each June 30 and December 31 and mature on December 31, 2035. Table 6-4, Table 6-5 (Use appropriate factor from the table provided.) References Problem 7-32 Bonds payable-calculate issue price and amortize premium LO 8 Section Break value: Required information 2.00 points Problem 7-32 Part a Required a. Calculate the proceeds (issue price) of Learned, Inc.'s, bonds on January 1, 2016, assuming that the bonds were sold to provide a market rate of return to the investor. (Round PV factor to 4 decimal places.)