Stressless, Inc. is authorized to issue 11%, 10-year bonds payable. On January 1, 2024, when the market interest rate is 16%, the company issues $700,000 of the bonds. The bonds pay interest semiannually. (Click the icon to view Present Value of $1 table.) (Click the icon to view Future Value of $1 table.) Read the requirements. (Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of Ordinary Annuity of $1 table.)