Part II problem 1 (10 marks) On January 1, 2019, Piper Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%. Table values are: Present value of 1 for 10 periods at 10% Present value of 1 for 10 periods at 12% Present value of 1 for 20 periods at 5% Present value of 1 for 20 periods at 6% Present value of annuity for 10 periods at 10% Present value of annuity for 10 periods at 12% .386 .322 .377 .312 6.145 5.650 12.462 11.470 Present value of annuity for 20 periods at 5% Present value of annuity for 20 periods at 6% Instructions (a) Calculate the issue price of the bonds. (b) Without prejudice to your solution in part (a), assume that the issue price was $884,000. Prepare the amortization table for 2019 (hint: only the first 3 rows), assuming that amortization is recorded on interest payment dates. Note: marks are allocated to properly headings and column titles of the table