On January 1, 2022, Tony Technology, Incorporated issued $750,000 of $1,000 par value, 5\%, 6-year bonds. Interest is payable semiannually each January 1 and July 1 interest payment due at the end of the period on July 1,2022 . The market rate of interest for similar nonconvertible bonds on the date of the bond issue was 8%. Howeve these bonds are convertible, the effective rate is 6%. Each bond is convertible into 30 shares of Tony Technology's $1 par value common stock. Future Value of $1 table Future Value of an Ordinary Annuity table Future Value of an Annuity Due table Present Value of $1 table Present Value of an Ordinary Annuity table Present Value of an Annuity Due table Read the requirements