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Present Value of Bonds Payable; Premium Moss Co. issued $100,000 of four-year, 12% bonds with interest payable semiannually, at a market (effective) interest rate of

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Present Value of Bonds Payable; Premium Moss Co. issued $100,000 of four-year, 12% bonds with interest payable semiannually, at a market (effective) interest rate of 11%. Determine the present value of the bonds payable using the present value tables in Exhibit 8 and Exhibit 10. Round to the nearest dollar. 408,000

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