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On January 1,2024, Shirley Corporation purchased 10% bonds dated January 1,2024, with a face amount of $10 miltion. The bonds mature in 2034 (to years).

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On January 1,2024, Shirley Corporation purchased 10% bonds dated January 1,2024, with a face amount of $10 miltion. The bonds mature in 2034 (to years). For bonds of similar ritik and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31 Required: Determine the price of the bonds on January 1, 2024. or $1 and PVAD of $3

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