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On January 1, 2020, Baker Co. issued $1,800,000 of 12-year, 9% bonds at an effective...

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Accounting

On January 1, 2020, Baker Co. issued $1,800,000 of 12-year, 9% bonds at an effective interest rate of 8%. The bonds make a cash interest payment each year on December 31. What is the issue price of the bonds on January 1, 2020?

Select one:

a. $1,542,213.89

b. $1,935,649.40

c. $1,800,000.00

d. $1,920,781.47

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