Brief Exercise A-16

Gleason Enterprises issued 12%, 9-year, $2,480,000 par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2020, and are issued on that date. The discount rate of interest for such bonds on April 1, 2020, is 14%.

(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

What cash proceeds did Gleason receive from issuance of the bonds? (Round answer to 0 decimal places, e.g. 125.)

Cash proceeds from issuance of the bonds $