Troutman Enterprises issued 8%, 8-year, $1,000,000 par value bonds that pay interest semiannually on October 1 and

Question:

Troutman Enterprises issued 8%, 8-year, $1,000,000 par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2012, and are issued on that date. The discount rate of interest for such bonds on April 1, 2012, is 10%. What cash proceeds did Troutman receive from issuance of the bonds?

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