Soothing, Inc. is authorized to issue 11%, 10-year bonds payable. On January 1, 2016, when the market interest rate is 16%, the company issues $400,000 of the bonds. The bonds pay interest semiannually.
Requirement 1. How much cash did the company receive upon issuance of the bonds payable? (Round all numbers to the nearest whole dollar.)
Upon issuance of the bonds payable, the company received $___