On January 1, 2023, R. Budahas, Inc. issued $2 million, 5-year, 10% term bonds. The effective interest rate applicable to these type of bonds was 12%. Interest is payable semiannually on January 1st and July 1st. Present value of an ordinary annuity of 1 for 10 periods at 6%: 7.36009 Present value of an ordinary annuity of 1 for 10 periods at 5%: 7.72173 Present value of 1 for 10 periods at 6%: 0.55839 Present value of 1 for 10 periods at 5%: 0.61391 What amount of cash proceeds should the company record on the issuance date? a. $2,154,428 b. $1,855,816 c. $2,000,000 d. $1,852,789