On January 1, 2020, 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: .627 .540 .623 Present value of 1 for 8 periods at 6% Present value of 1 for 8 periods at 8% Present value of 1 for 16 periods at 3% Present value of 1 for 16 periods at 4% Present value of annuity for 8 periods at 6% Present value of annuity for 8 periods at 8%. Present value of annuity for 16 periods at 3% Present value of annuity for 16 periods at 4% .534 6.210 12.561 11.652 16) The present value of the interest is A) $2,235,600. B) $2,097,360. C) $2,260,980. D) $2,068,920. 17) Premium on bonds payable is A) a contra account. B) an adjunct account. C) debited to a deferred charge account and amortized over the life of the bonds. D) reported as a reduction of the bond liability. On December 31, 2018, Nolte Co. is in financial difficulty and carinot pay a note due