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Sheffield Limited issued $5,000,000 of 10-year, 6% bonds on January 1,2024, when the market interest...

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Accounting

Sheffield Limited issued $5,000,000 of 10-year, 6% bonds on January 1,2024, when the market interest rate was 7%. Sheffield
received $4,644,710 when it issued these bonds. Interest is payable semi-annually on July 1 and January 1. Sheffield has a December
31 year end.
Click here to view factor tables.
(a)
What is the bonds' present value (issue price) on January 1,2024?(For calculation purposes, use 5 decimal places as displayed in the
factor table provided, e.g.0.23465. Round answer to 0 decimal places, e.g.5,275.)
Bonds' present value (issue price) on January 1,2024$
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