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What is the amount of net proceeds received on the issuance

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Question - On July 1, 20X4, Ritter Inc. issued 5%, 10-year bonds with a face value of $3,000,000. The bonds pay interest semi-annually on June 30 and December 31. At the time of issuance, the required market rate of return was 4%. Ritter paid costs directly related to issuing these bonds of $80,000. Ritter reports under IFRS. What is the amount of net proceeds received on the issuance of these bonds?

Reference no: EM132567107

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