On September 1, 2021, Blue Co., issued $1,500,000 of its 11% bonds at 98 plus accrued interest. The bonds are dated June 1, 2021 and have an effective interest rate of 12%. Interest is payable semiannually on June 1 and December 1. At the time of issuance, Blue would receive cash of: Multiple Choice $1,428,750 $1,511,250. $1,507,342 $1,470,000