The notes to the Wolfe Ltd. financial statements reported the following data on December 31, Year 1 (end of the fiscal year): (Click the icon to view the financial statement data.) Wolfe amortizes bond discounts using the effective-interest method and pays all interest amounts at December 31. Read the requirements Requirement 1. Assume the market interest rate is 7% on January 1 of year 1, the date the bonds are issued. (Round your answers to the nearest whole dollar.) a. Using the PV function in Excel, what is the issue price of the bonds? The issue price of the bonds is Note 6. Indebtedness Bonds payable, 1% due on December 31, Year 8 Less: Discount Notes payable, 6%, payable in $65,000 annual installments starting in Year 5 $ 6,000,000 ? ? $ 390,000