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Crane Company issued 12%, 6-year, $2,668,700 par value bonds that pay interest semiannually on October...

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Accounting

Crane Company issued 12%, 6-year, $2,668,700 par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2017, and are issued on that date. The discount rate of interest for such bonds on April 1, 2017, is 8%.

(For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What cash proceeds did Crane receive from issuance of the bonds? (Round answer to 0 decimal places, e.g. 125.)

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