Instead of taking out a loan, the company instead engaged in bond financing to purchase the building. As such, on January 1, 2020, Do-left! Inc. issued $4,000,000 of 10-year, 2% bonds at a price of 87.5. The market interest rate on the bond issuance date was 2.33%. The bonds pay interest semi-annually on June 30, and December 31. The company paid $500,000 at the time of purchase, and used the bond proceeds to complete the purchase.