On January 1, 2020, Larkspur Inc. issued 10-year bonds with a face amount of 27800000 and a contract rate of 6% payable annually on January 1. The effective-interest rate on the bonds is 8%. Present value factors are as follows: At 6% At 8% 0.558 0.463 PV of 1 for 10 periods PV of an ordinary annuity of 1 for 10 periods 7.360 6.710 Total issue price of the bonds was O X24063680 O V27800000 26132000 O V27244000