Accounting Randolph Company issued $1,000,000 of 6.5%, 8-year bonds dated June 1, 20X3, with semiannual interest payments on June 1 and December 1. The bonds were issued on June 1, 20X3, at 103 3/8....

Extracted text: Accounting Randolph Company issued $1,000,000 of 6.5%, 8-year bonds dated June 1, 20X3, with semiannual interest payments on June 1 and December 1. The bonds were issued on June 1, 20X3, at 103 3/8. a. Were the bonds issued at a premium, a discount, or at face value? b. Was the market rate of interest higher, lower, or the same as the coupon rate of interest? c. How much cash was received by Randolph Company upon issuance of the bonds