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On January 1, 2024, Bleeker Co. issued eight-year bonds with a face value of $1,000,000...

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Accounting

On January 1, 2024, Bleeker Co. issued eight-year bonds with a face value of $1,000,000 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% is 0.627 Present value of 1 for 8 periods at 8% is 0.540 Present value of 1 for 16 periods at 3% is 0.623 Present value of 1 for 16 periods at 4% is 0.534 Present value of annuity for 8 periods at 6% is 6.210 Present value of annuity for 8 periods at 8% is 5.747 Present value of annuity for 16 periods at 3% is 12.561 Present value of annuity for 16 periods at 4% is 11.652 The issue price of the bonds is

A. $883,560.

B. $884,820.

C. $889,560.

D. $999,600.

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