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On January 1, 2012, Ellison Co. issued eight-year bonds with a face value of $2,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. Table values are:Present value of 1 for 8 periods at 6% .627Present value of 1 for 8 periods at 8% .540Present value of 1 for 16 periods at 3% .623Present value of 1 for 16 periods at 4% .534Present value of annuity for 8 periods at 6% 6.210Present value of annuity for 8 periods at 8% 5.747Present value of annuity for 16 periods at 3% 12.561Present value of annuity for 16 periods at 4% 11.652The issue price of the bonds isEntry field with correct answerA) $1,767,120.B) $1,779,120.C) $1,999,200.D) $1,769,640.
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