Pharoah Enterprises issued 8%, 10-year, $2,740,000 bonds that pay interest annually on April 1. The bonds are dated April 1, 2022, and are issued on that date. The discount rate for such bonds on April 1, 2022, is 10%. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What cash proceeds did Pharoah receive from issuance of the bonds? (Round answer to 0 decimal places, e.g. 125.)

Cash proceeds from issuance of the bonds