On January 1, 2024, Pharoah Company issued for cash a $1,060,000,3 year note bearing annual interest at 8% to Coronado, Inc. The market rate of interest for a note of similar risk is 9%. What cash would have been recorded on the issue date of the note? (Round present value factor calculations to 5 decimal places, e 8.25124 and the final answer to 0 decimal places es. 58,971 ) Click here to view factor table. Total Proceeds