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Required Information

$[$The following information applles to the questions displayed below.$]$

On January $1,2022,$ Drennen, Incorporated, Issued $$2\mathrm{.}1$ million face amount of $7-$year, $10\%$ stated rate bonds when market

Interest rates were $8\%.$ The bonds pay semiannual Interest each June $30$ and December $31$ and mature on December $31,$

Table $6-4,$ Table $6-5$

Note: Use approprlate factor from the table provided.

Required: $$

a$.$ Calculate the proceeds $($Issue price$)$ of Drennen Incorporated's bonds on January $1,2022,$ assuming that the bonds were sold to

provide a market rate of return to the investor.

Note: Enter your answers in whole dollars, not In millions.