Sunland Company issues a 10%, 6-year mortgage note on January 1, 2022, to obtain financing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment payments of $47,000. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What are the cash proceeds received from the issuance of the note? (Round answer to 2 decimal places, e.g. 25.25.)

Sunland Company should receive

$enter a dollar amount to be received rounded to 2 decimal places