Pharoah Company issued $504,000 of 9%, 7-year bonds on January 1, 2021. The bonds pay interest annually. Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1

(a)

Assuming the market interest rate on January 1, 2021, was 8%, calculate the bonds issue price. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to 0 decimal places, e.g. 1,575.)

Bond issue price

$