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On January 1,2025, Sheridan Co. issued five-year bonds with a face value of $660,000 and...

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Accounting

On January 1,2025, Sheridan Co. issued five-year bonds with a face value of $660,000 and a stated interest rate of 12% payable semiannually on July 1 and January 1. The bonds were sold to yield 10%.
Present value table factors are:
Present value of 1 for 5 periods at 10%
0.62092
Present value of 1 for 5 periods at 12%
0.56743
Present value of 1 for 10 periods at 5%
0.61391
Present value of 1 for 10 periods at 6%
0.55839
Present value of an ordinary annuity of 1 for 5 periods at 10%,3.79079
Present value of an ordinary annuity of 1 for 5 periods at 12%,3.60478
Present value of an ordinary annuity of 1 for 10 periods at 5%,7.72173
Present value of an ordinary annuity of 1 for 10 periods at 6%,7.36009
Click here to view factor tables
Calculate the issue price of the bonds. (Round factor values to 5 decimal places, e.g.1.25124 and final answer to 0 decimal places, e.g.458,582.)
Issue price of bonds $
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