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On January 1, 2017 Lance Co. issued five-year bonds with a face value of $570,000 and a stated interest rate of 14% payable semiannually on
On January 1, 2017 Lance Co. issued five-year bonds with a face value of $570,000 and a stated interest rate of 14% payable semiannually on July 1 and January 1, The bonds were sold to yield 12%. Present value table factors are Present value of 1 for 7 periods at 12% Present value of 1 for 7 periods at 14% Present value of 1 for 12 periods at 6% Present value of 1 for 14 periods at 7% Present value of an ordinary annuity of 1 for 7 periods at 12% 4.56376 Present value of an ordinary annuity of 1 for 7 periods at 14% 4.28830 Present value of an ordinary annuity of 1 for 12 periods at 6% 9.29498 Present value of an ordinary annuity of 1 for 14 periods at 7% 8.74547 0.45235 0.39964 0.49697 0.38782 Calculate the issue price of the bonds. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 458,582.) Issue price of bonds
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