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On January 1,2023, Ayayai Corporation purchased a newly issued $1,550,000 bond. The bond matured on...

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Accounting

On January 1,2023, Ayayai Corporation purchased a newly issued $1,550,000 bond. The bond matured on December 31,2025, and
paid interest at 6% every June 30 and December 31. The market interest rate was 8%. Ayayai's fiscal year-end is October 31, and the
company had the intention and ability to hold the bond until its maturity date. The bond will be accounted using the amortized cost
model.
Click here to view Table A.2- PRESENT VALUE OF 1-(PRESENT VALUE OF A SINGLE SUM)
Click here to view Table A.4- PRESENT VALUE OF AN ORDINARY ANNUITY OF 1
(a)
Calculate the price paid for the bond using a financial calculator or Excel functions. (Round answers to 2 decimal places, e.g.52.75.)
PV $
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