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Serenity , Inc. is authorized to issue 9 %, 10-year bonds payable. On January1, 2016 , when the market interest rate is 1 2 %,

Serenity, Inc. is authorized to issue 9%, 10-year bonds payable. On January1, 2016, when the market interest rate is 12%, the company issues $500,000 of the bonds. The bonds pay interest semiannually.

How much cash did the company receive upon issuance of the bondspayable? (Round all numbers to the nearest wholedollar.)

Upon issuance of the bondspayable, the company received $

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