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Patterson Company issued 30-year bonds on June 30. The face value of the bonds was...

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Accounting

Patterson Company issued 30-year bonds on June 30. The face value of the bonds was $750,000. The stated interest rate on the bonds was 6%. The market rate of interest at the time of issuance was 4% Patterson also issued another set of bonds on August 31, These bonds were 20-year bonds and had a face value of $556,000. The stated rate of interest on these bonds was 5%. The market rate of interest at the time these bonds were issued was 8%. Both sets of bonds pay interest semiannually.

Required: Calculate the issuance price of these bonds.

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