Calming, Inc. is authorized to issue 7%, 10-year bonds payable. On January 1, 2014, when the market interest rate is 12%, the company issues $600,000 the bonds. The bonds pay interest semiannually. How much cash did the company receive upon issuance of the bonds payable? (Round all numbers to the nearest whole dollar.)

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Calming, Inc. is authorized to issue 7%, 10-year bonds payable. On January 1, 2014, when the market interest rate is 12%, the company issues $600,000 the bonds. The bonds pay interest semiannually. How much cash did the company receive upon issuance of the bonds payable? (Round all numbers to the nearest whole dollar.)

 
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