Required information The following information applies to the questions displayed below) On January 1, 2019. Drennen Inc. issued $26 million face amount of 9-year, 14% stated rate bonds when market interest rates were 12% The bonds pay semiannual interest each June 30 and December 31 and mature on December 31, 2027 Table 6-4. Table 6-5 (Use appropriate factor from the table provided.) Required: a. Calculate the proceeds (issue price) of Drennen inc's bonds on January 1, 2019, assuming that the bonds were sold to provide a market rate of return to the investor. (Round PV factor to 4 decimal places.) Proceeds Required information The following information applies to the questions displayed below) On January 1, 2019. Drennen Inc. issued $26 million face amount of 9-year, 14% stated rate bonds when market interest rates were 12% The bonds pay semiannual interest each June 30 and December 31 and mature on December 31, 2027 Table 6-4. Table 6-5 (Use appropriate factor from the table provided.) Required: a. Calculate the proceeds (issue price) of Drennen inc's bonds on January 1, 2019, assuming that the bonds were sold to provide a market rate of return to the investor. (Round PV factor to 4 decimal places.) Proceeds