On December 31, 2016, when the market interest rate is 8%, Lee Realty issues $300,000 of 5.25%, 10-year bonds payable. The bonds pay interest semiannually. Determine the present value of the bonds at issuance. (Click the icon to view the Present Value of $1 table.) (Click the icon to view the Present Value of Annuity of $1 table.) (Click the icon to view the Future Value of $1 table.) (Click the icon to view the Future Value of Annuity of $1 table.) The present value of the bonds at issuance amounts to $(Round all currency amounts to the nearest whole dollar.)