Prentice Ltd. was authorized to issue $5,000,000 of 10-year, 6% bonds payable on 1 August 20X2.
The bonds are due on 31 July 20X12. Interest payments dates were 31 July and 31 January. The bond was sold to yield 8%.

Required:
1. Calculate the proceeds from issuance.
2. Calculate the proceeds from issuance if the yield rate is 5% and the bond is issued on 1 August 20X4, still with a maturity date of 31 July 20X12.
3. Calculate the proceeds from issuance if the yield rate is 8%, and the bond is issued between interest dates, on 1 October 20X2, still with a maturity date of 31 July 20X12. Exclude accrued interest.