Required information Exercise 7-16 (Algo) Bonds payable-record issuance and discount amortization LO 7-8 [The following information applies to the questions displayed below.] Alexi Company issued $2.80 million face amount of 8%, 10-year bonds on June 1, 2022. The bonds pay interest on an annual basis on May 31 each year. Exercise 7-16 (Algo) Part a Required: a. Assume that the market interest rates were slightly higher than 8% when the bonds were sold. Would the proceeds from the bond issue have been more than, less than, or equal to the face amount? Multiple Choice The bonds will sell for less than their face amount. The bonds will sell for more than their face amount. The bonds will sell for equal to their face amount