Jones Company issued $50,000,5 year, 8% bonds at 98%41 plus accrued interest. The interest is paid semiannually on March 1 and September 1 . The bonds are dated March 1, Year 1. The date of sale is May 1, Year 1. Calculate the amount of the proceeds - the amount that Smith Company received when the bonds were issued (May 1, year 1). SHOW YOUR WORK