On January 1, 2015, Haley Co

Multiple Choice

On January 1, 2015, Haley Co.issued ten-year bonds with a face amount of $5,000,000 and a stated interest rate of 8% payable annually on January 1.The bonds were priced to yield 10%.Present value factors are as follows: The total issue price of the bonds was

A) $5,000,000.
B) $4,900,000.
C) $4,600,000.
D) $4,388,000.