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2. On January 1, 2021, Dennison Company issued 6%, 5-year bonds with a face amount of $4,000,000. The bonds pay interest semiannually on July 1

2. On January 1, 2021, Dennison Company issued 6%, 5-year bonds with a face amount of $4,000,000. The bonds pay interest semiannually on July 1 and December 31 beginning July 1, 2021. The bonds are issued to yield 5%. What are the proceeds (cash received) from the bond issue? Show your calculations to receive credit

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