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In: AccountingOn January 1, 2014, Ellison Co. issued eight-year bonds with aface value of $3,000,000 and...On January 1, 2014, Ellison Co. issued eight-year bonds with aface value of $3,000,000 and a stated interest rate of 6%, payablesemiannually on June 30 and December 31. The bonds were sold toyield 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 at3% .623Present value of 1 for 16 periods at4% .534Present value of annuity for 8 periodsat 6% 6.210Present value of annuity for 8 periodsat 8% 5.747Present value of annuity for 16periods at 3% 12.561Present value of annuity for 16periods at 4% 11.65226. The present value of the principalisa. $2,136,000.b. $1,602,000.c. $2,492,000.d. $1,508,000.27. The present value of the interestisa. $1,048,680.b. $1,398,240.c. $1,390,400.d. $1,307,320.28. The issue price of the bondsisa. $3,534,240.b. $2,650,680.c. $3,558,240.d. $2,998,400.