Question: 10 pts 39 of 41 (0 complete)This Test: 100 pts possibl This 12A. On December 31, 2018, when the market interest rate is 12%, Hayden Corporation issues $280,000 of 5%, 14-year bonds payable. The bonds pay interest semiannually. Determine the present value of the bonds at issuance (Click the icon to view Present Value of $1 table)Click the icon to view Present Value of Ordinary Annuity of $1 table.) ? Click the icon to view Future Value of Ordinary Annuity of (Click the icon to view Future Value of $1 table $1 table.) Start by calculating the present value of the principal. (Enter factor amounts to three decimal places, X.XXX) PV of principal Value Factor Now calculate the present value of the stated interest. (Enter factor amounts to three decimal places, XXXX.) Value x Semiannual interest rate )x Factor PV of stated interest - Finally, calculate the present value of bonds payable. PV of principalPV of stated interestPV of bonds payable