Required information (The following information applies to the questions displayed below.) PowerTap Utilities is planning to issue bonds with a face value of $1,100,000 and a coupon rate of 9 percent. The bonds mature in 8 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. PowerTap uses the effective interest amortization method. Assume an annual market rate of interest of 10 percent. (FV of $1. PV of $1. FVA of $1, and PVA of S1) (Use the appropriate factor(s) from the tables provided.) Required: 1. What was the issue price on January 1 of this year? (Round your final answers to nearest whole dollar amount.) Issue price