Question: Refer to the data for Saturna Corp. in Exercise 15-4. If Saturna Corp. issued the bonds on June 30, how much cash would Saturna Corp.

Refer to the data for Saturna Corp. in Exercise 15-4. If Saturna Corp. issued the bonds on June 30, how much cash would Saturna Corp. receive upon issuance of the bonds?

Data From Exercise 15-4

Saturna Corp. issues 20-year, 8-percent bonds with a maturity value of $5,000,000 on April 30. The bonds sell at par and pay interest on March 31 and September 30.

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