On March 1, 2020, Jackson issues 5-year bonds dated January 1, 2020, with a par value of $1,000,000. The bonds have a stated rate of interest of 6%, payable semiannually on January 1 and July 1. How much cash is received from on the issuance date, assuming the bonds are issued at par?

(Hint: Pay attention to the date that the bonds are issued and the date that the interest payments are made. When the bond issuance date is not the same as the interest payment date, the buyer pays for the accrued interest to date)