Emmett Company issued $20,000,000 of serial bonds on January 1, 2015. The bonds carried an 8% stated interest rate paid semi-annually. The market rate on the date of issuance was 7.8% and the bonds mature in five years on December 31, 2019. One-fifth of the stated value of the bonds are required to be paid off at the end of each year.

What was the proceeds on the issuance of the bonds on January 1, 2015?