Refer to the data for Arubi Inc. in E15–4. Journalize the sale of the bonds on July 31 and the first semi-annual interest payment on October 31. No explanations are required.

E15–4

Arubi Inc. issued $7,000,000 of 15-year, 3 percent bonds on April 30. If the bonds were sold on July 31, how much cash would Arubi Inc. receive upon issuance of the bonds?