Prentice Ltd. was authorized to issue $5,500,000 of 10-year, 6% bonds payable on 1 August 20X2. The bonds are due on 31 July 2012. Interest payments dates were 31 July and 31 January. The bond was sold to yield 8%. (PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.)

Required: 1. Calculate the proceeds from issuance. (Round time value factor to 5 decimal places. Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.)

2. Calculate the proceeds from issuance if the yield rate is 5% and the bond is issued on 1 August 20X4, still with a maturity date of 31 July 2012. (Round time value factor to 5 decimal places. Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.)