(Answered) Problemon january 1 2016 the washington group issued 100000

Accounting

Problem

On January 1, 2016, the Washington Group issued $100,000 par value 5%, five-year bonds when the market rate of interest was 8%. Interest is payable annually on December 31. The following present value information is available:
5% 8%

	5%	8%
Present value of $1 (n = 5)	0.78353	0.68058
Present value of an ordinary annuity (n = 5)	4.32948	3.99271

What amount is the value of the net bonds payable at the end of 2016?

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