The Following Information Was Taken from the 2015 Financial Statements $\begin{array}{lr}\text { Bonds payable, January 1, 2015 } & \$ 600,000 \\\text { Bonds payable, December 31,2015 } & 3,600,000\end{array}$

Multiple Choice

The following information was taken from the 2015 financial statements of Dunlop Corporation: $\begin{array}{lr}\text { Bonds payable, January 1, 2015 } & \$ 600,000 \\\text { Bonds payable, December 31,2015 } & 3,600,000\end{array}$ During 2015
$\bullet$ A $540,000 payment was made to retire bonds payable with a face amount of $600,000.
$\bullet$ Bonds payable with a face amount of $240,000 were issued in exchange for equipment.In its statement of cash flows for the year ended December 31, 2015, what amount should Dunlop report as proceeds from issuance of bonds payable?

A) $3,000,000
B) $3,300,000
C) $3,360,000
D) $3,840,000