On January 1, 2020, Coronado Industries issued ten-year bonds with a face amount of $5400000 and a stated interest rate of 7% payable annually on January 1. The bonds were priced to yield 9%. Present value factors are as follows:

Present value of 1 for 10 periods: At 7% : 0.508 At 9% : 0.422

Present value of an ordinary annuity of 1 for 10 periods: At 7% : 7.024 At 9% : 6.418

The total issue price of the bonds was a) $5400000 b) $5292000 c) $4704804 d) $5022000.