The adjusted trial balance for Waterway Industries at the end of the current year, 2021, contained the following accounts. 5-year Bonds Payable 9% Interest Payable Premium on Bonds Payable Notes Payable (3 months.) Notes Payable (5 yr.) Mortgage Payable ($13000 due currently) Salaries and wages Payable Income Taxes Payable (due 3/15 of 2022) $3000000 48000 98000 38000 166000 200000 16000 23000 The total long-term liabilities reported on the balance sheet are $3366000 $3451000 $3353000 $3464000 Concord Corporation issues $4930000,8%, 5-year bonds dated January 1, 2020 on January 1, 2020. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 7%. What are the proceeds from the bond issue? 3.5% 4.0% 7% 8% 0.84197 0.82193 0.71299 0.68058 0.70892 0.67556 0.50835 0.46319 Present value of a single sum for 5 periods Present value of a single sum for 10 periods Present value of an annuity for 5 periods Present value of an annuity for 10 periods 4.51505 4.451824.10020 3.99271 8.31661 8.11090 7.02358 6.71008 $5135011 $5132696 $5133511 $4930000