On August 1, 2013, Limbaugh Communications issued $30 million of 10% nonconvertible bonds at 104. The bonds are due on July 31, 2033. Each $1,000 bond was issued with 20 detachable stock warrants, each of which entitled the bondholder to purchase, for $60, one share of Limbaugh Communications' no par common stock. Interstate Containers purchased 20% of the bond issue. On August 1, 2013, the market value of the common stock was $58 per share and the market value of each warrant was $8. In February 2024, when Limbaugh's common stock had a market price of $72 per share and the unamortized discount balance was $1 million, Interstate Containers exercised the warrants it held. How much cash did the issuer receive on August 1, 2013? Multiple Choice $30.6 Million $31.2 Million $30 Million $36 Million