What is the solution for the accounting question listed below?

Posted on 2013-11-22 13:46:00 in Accounting by OMAR

Jimenez Enterprises issued 11%, 8-year, $2,602,200 par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2014, and are issued on that date. The discount rate of interest for such bonds on April 1, 2014, is 12%. What cash proceeds did Jimenez receive from issuance of the bonds?

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