The following information was taken from the 2018 financial statements of Dunlop Corporation:

Bonds payable, January 1, 2018	$ 800000
Bonds payable, December 31, 2018	4800000

During 2018 A $720000 payment was made to retire bonds payable with a face amount of $800000. Bonds payable with a face amount of $320000 were issued in exchange for equipment. In its statement of cash flows for the year ended December 31, 2018, what amount should Dunlop report as proceeds from issuance of bonds payable?

$5120000

$4000000

$4400000

$4480000