What is the total cash received on the issue date

Reference no: EM13176121

Amstop Company issues $20,000,000 of 10-year, 9% bonds on March 1, 2007 at 97 plus accrued interest. The bonds are dated January 1, 2007, and pay interest on June 30 and December 31. What is the total cash received on the issue date?

a. $19,400,000
b. $20,450,000
c. $19,700,000
d. $19,100,000

Reference no: EM13176121

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