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On January 1, 2018, Shirley Corporation purchased 10% bonds dated January 1, 2018, with a...

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Accounting

On January 1, 2018, Shirley Corporation purchased 10% bonds dated January 1, 2018, with a face amount of $18 million. The bonds mature in 2027 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Determine the price of the bonds at January 1, 2018. (Enter your answer in whole dollars.)

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