Requirement Determine the bond issue proceeds for each of the on January 1,2019 . (Click the icon to view the bonds payable.) Value of an Ordinary Annuity table.) (Click the icon to view the Present Value of an Annuity Due table.) calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, X. XXXXXX. Round your final answer to the nearest cent, $X.XX.) The bond issue proceeds are $ b. Trailor Corporation issued bonds in the amount of $3,500,000 that will be paid in seven years. Interest of $70,000 is payable semiannually each June 30 and December 31 with the first interest payment at the end of the first period on June 30,2019 . If the market rate of interest is 10%, what is the amount of the bond issue proceeds? (Use the present value and future value tables, a financial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, XXXXX. Round your final answer to the nearest cent, $X.XX.) The bond issue proceeds are $