On January 1, 2017, Ellison Co. issued eight-year bonds with a face value of $6,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. Table values are:

	Present value of 1 for 8 periods at 6%		.627
	Present value of 1 for 8 periods at 8%		.540
	Present value of 1 for 16 periods at 3%		.623
	Present value of 1 for 16 periods at 4%		.534
	Present value of annuity for 8 periods at 6%		6.210
	Present value of annuity for 8 periods at 8%		5.747
	Present value of annuity for 16 periods at 3%		12.561
	Present value of annuity for 16 periods at 4%		11.652

The issue price of the bonds is

$5,337,360.

$5,997,600.

$5,301,360.

$5,308,920.