QUESTION 29 On January 1, 2013, Ellison Co. issued eight-year bonds with a face value of $1,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. Table values are: Present value of 1 for 8 periods at 6%................................................             .627 Present value of 1 for 8 periods at 8%................................................             .540 Present value of 1 for 16 periods at 3%..............................................             .623 Present value of 1 for 16 periods at 4%..............................................             .534 Present value of annuity for 8 periods at 6%......................................          6.210 Present value of annuity for 8 periods at 8%......................................          5.747 Present value of annuity for 16 periods at 3%....................................        12.561 Present value of annuity for 16 periods at 4%....................................        11.652             The present value of the interest is a.$349,560 b.$376,830 c.$344,820 d.$372,600

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