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Present Value of Bonds Payable; Premium Moss Co. issued $101,000 of four-year, 11% bonds, with interest payable semiannually, at a market (effective) interest rate of

Present Value of Bonds Payable; Premium Moss Co. issued $101,000 of four-year, 11% bonds, with interest payable semiannually, at a market (effective) interest rate of 8%. Determine the present value of the bonds payable, using the present value tables in Exhibit 5 and Exhibit 7. Note: Round final answer to the nearest dollar.

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