Enviro Company issues 8%, 10-year bonds with a par value of $340,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10%, which implies a selling price of 87 12. The straight-line method is used to allocate interest expense.

1.	Using the implied selling price of 87 , what are the issuer's cash proceeds from issuance of these bonds?