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Crane Ltd issued $1,200,000 of 10years, 5% bonds on January 1,2024,when the market interest rate...

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Accounting

Crane Ltd issued $1,200,000 of 10years, 5% bonds on January 1,2024,when the market interest rate was 6%. crane received $1,110,740 when it issued these bonds. Interest is payable semi-annually on July 1 and January 1. crane has a December 31 year end. What is the bonds' present value (issue price) on January 1,2024

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