17 Downing Company issues $5,000,000, 5%, 5-year bonds dated January 1, 2017 on January 1, 2017. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 6%. What are the proceeds from the bond issue? 2.5% 3.0% 5.0% 6.0% Present value of a single sum for 5 periods .88385 .86261 .78353 .74726 Present value of a single sum for 10 periods .78120 .74409 .61391 55839 Present value of an annuity for 5 periods 4.64583 4.57971 4.32948 4.21236 Present value of an annuity for 10 periods 8.75206 8.53020 7.721737.36009 a $5,000,000 b. $4,786,725 c. $5,785,120 d. $4,789,390 On October 1, 2017 Bartley Corporation issued 5%, 10-year bonds with a face value of $8,000,000 at 103. Interest is paid on October 1 and April 1, with any premiums or discounts amortized on a straight-line basis. I 18. The entry to record the issuance of the bonds would include a a credit of $200,000 to Interest Payable. b. credit of $7.760,000 to Bonds Payable. c. credit of $240,000 to Premium on Bonds Payable. d debit of $2400,000 to Discount on Bonds Payable