Question 3 On January 1, 2018, piper Co. issued ten-year bonds with a face value of $5,000,000 and a stated interest rate of 10%, payable December 31, The bonds were sold to yield 12%. Table values are: semiannually on June 30 and Present value of 1 for 10 periods at 10% Present value of 1 for 10 periods at 12% Present value of 1 for 20 periods at 5% Present value of 1 for 20 periods at 6% Present value of annuity for 10 periods at 10% 386 322 377 312 6.145 5.650 12.462 11.470 Present value of annuity for 10 periods at 12% Present value of annuity for 20 periods at 5% Present value of annuity for 20 periods at 6% Calculate the issue price of the bonds. Issue price of bond Without prejudice to your solution in part (a), assume that the issue price was $4,420,000. Prepare the amortization table for 2018, assuming that amortization is recorded on interest payment dates using the effective-interest method. Date Cash Expense Amortization Carrying Amount 6/30/18 12/31/18