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: .623 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%... 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 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