Sheridan Company issues $25800000, 8%, 5-year bonds dated January 1, 2017 on January 1, 2017. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 7%. What are the proceeds from the bond issue?

ff	3.5%	4.0%	7%	8%
Present value of a single sum for 5 periods	0.84197	0.82193	0.71299	0.68058
Present value of a single sum for 10 periods	0.70892	0.67556	0.50835	0.46319
Present value of an annuity for 5 periods	4.51505	4.45182	4.10020	3.99271
Present value of an annuity for 10 periods	8.31661	8.11090	7.02358	6.71008