On January 1, 2016, the Ardery Corporation issued bonds in the amount of $ 11 000 that will be paid in 3 years. Interest of $ 600 is payable semiannually each January 1 and July 1 with the first interest payment at the end of the period, on July 1 of the current year.

Determine the amount of the bond issue proceeds (cash received) when Ardery Corporation issued the bonds?

The amount of bond issue proceeds (cash received) is $