Relaxation, Inc. is authorized to issue $7\%,10-$year bonds payable. On January $1,2024,$ when the market interest rate is $12\%,$ the company issues $$300,000$ of the bonds. The bonds pay interest semiannually.

$($Click the icon to view Present Value of $$1$ table.$)$ E $($Click the icon to view Present Value of Ordinary

Annuity of $$1$ table.$)$

$($Click the icon to view Future Value of $$1$ table.$)\_($Click the icon to view Future Value of Ordinary Annuity of $$1$ table.$)$

Read the requirements.

Requirement $1.$ How much cash did the company receive upon issuance of the bonds payable? $($Round to the nearest dollar.$)$

Upon issuance of the bonds payable, the company received