When Patey Pontoons issued 8% bonds on January 1, 2016, with a face amount of $540,000, the market yield for bonds of similar risk and maturity was 11%. The bonds mature December 31, 2019 (4 years) Interest is paid semiannually on June 30 and December 31 (FV of $1. PV of S1. FVA of S1 PVA of S1 FVAD of $1 and PVAD ot $1) (Use appropriate factor(s) from the tables provided.) Required 1. Determine the price of the bonds at January 1 2016 Table values are based on Cash Flow Interest Principal AmountPresent Value Price of bonds