Galway Bay Enterprises issued 10%, 8-year, $2,000,000 par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2002, and are issued on that date. The discount rate of interest for such bonds on April 1, 2002, is 12%. What cash proceeds did Galway Bay receive from issuance of the bonds?
Galway Bay Enterprises issued 10%, 8-year, $2,000,000 par value bonds that pay interest semiannually on October 1 and April 1.
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