On January 1, 2019, Yen Company issued 4.000 of its 8%. P1,000 bonds when the prevailing rate of interest was 9%. The bonds are dated January 1, 2019, and mature on January 1, 2023. Interest is payable annually every December 31. The following are the present value factors Present value of 1 for 4 periods at 9% 0.7084 Present value of annuity of 1 for 4 periods at 9% 3.2997 What amount of proceeds did the company receive on the issue of debt instrument? 3.870.304 O 3.920.000 3,863.000 2800.000