DETERMINE PRESENT VALUE OF BONDS PAYABLE :
interest rate = 12/2 =6%
market rate = 10/2 = 5%
Time = 5*2 = 10 years
Interest = 610000*6% = 36600
Present value of bonds payable = present value of interest +present value of maturity
= (36600* 7.7217) +(610000*0.61391)
Present value of bonds payable = $657100
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