Bonita Hills Ltd. issued five-year bonds with a face value of $110,000 on January 1 . The bonds have a coupon interest rate of 8% and interest is paid semi-annually on June 30 and December 31 . The market interest rate was 6% when the bonds were issued at a price of 109. (a) Using above information, determine the proceeds received by the company when the bonds were issued. Proceeds from issue of the bonds $