QUESTION 1 Drew Bennett Corp. recently needed to acquire $594,425 to purchase a new retail store. Once Drew acquires the cash he will turn around and purchase the new store. So, Bennett issues an 8-year, long-term bond payable at a market rate of 12% annual interest. So, what does the dollar amount of the bond payable issue (the principal) need to be in order for Drew to obtain proceeds of $594,425 if the PV of the interest is $327,864? QUESTION 2 What is the stated rate of interest on the Drew Bennett bonds discussed in question 17? If you think the answer is 12% write 12 The answer is a whole number. QUESTION 3 Regarding the information about the Drew Bennett bond presented in question 1, when Drew takes the proceeds of the bond issue and buys the retail store- on that day- what is the dollar impact on net income.