On August 1, 2016, Tra Vinh Corporation issued $127.80 million 5% bonds, with interest payable on January 31 and July 31 each year. The market yield rate for these bonds on the date of issuance was 4.5% and they were issued at 103.91. The bonds had a maturity date of April 1, 2026. The companys fiscal year end is July 31.

1.Calculate the cash proceeds from the issuance of these bonds.