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On June 30, 2019, Hollister Construction issued 10-year bonds with a total face value of...

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Accounting

On June 30, 2019, Hollister Construction issued 10-year bonds with a total face value of $2,400,000. When the 8% coupon rate bonds were issued, the market rate was 10%. Assuming that Hollister pays interest every six months on December 31st and June 30th, what are the proceeds that Hollister Construction received on the issue date, June 30, 2019?

Select one:

a. $2,100,906.95

b. $2,726,167.83

c. $2,154,217.32

d. $2,400,000.00

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