Altuve Co. issued $1,000,000 in Bonds on 1/1/2023 that matured in 10 years. The bonds had a stated interest rate of 6.25%, but the market interest rate of the bonds at time of issuance was 5.95%, and the bonds made interest payments semi-annually on 1/1 and 7/1. Required: Determine (a) the cash proceeds from the issuance of the bonds on 1/1/2023; and (b) the remaining balance of the bonds after making the interest payment on 1/1/2026. Be sure to show your work (not imbedded in a single cell) for consideration for partial credit.