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On January 1, 2020, Everly Bottle Company sold $4,000,000 in long-term bonds. The bonds will mature in 4 years and have a stated interest

On January 1, 2020, Everly Bottle Company sold $4,000,000 in long-term bonds. The bonds will mature in 4 years and have a stated interest rate of 10% and a yield rate of 8%. The bonds pay interest July 1 and January 1 of each year. The bonds are to be accounted for under the effective-interest method. Instructions: 1. Calculate the bond proceeds using the attached present value tables, Excel, or a financial calculator.

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