Barrett Company Issued 9%, 5-Year, $3,000,000 Par Value Bonds That

Essay

Barrett Company issued 9%, 5-year, $3,000,000 par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2014, and are issued on that date. The discount rate of interest for such bonds on April 1, 2014, is 8%. What cash proceeds did Barrett Company receive from issuance of the bonds?