Problem:
Feller Company issues $20,000,000 of 10-year, 9% bonds on March 1, 2010 at 97 plus accrued interest. The bonds are dated January 1, 2010, and pay interest on June 30 and December 31.
Required:
Question: What is the total cash received on the issue date?
Note: Be sure to show how you arrived at your answer.