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What is the total cash received on the issue date

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Question - Benton Company issues $10,000,000 of 10-year, 12% bonds on April 1, 2017 at 98 plus accrued interest. The bonds are dated January 1, 2017, and pay interest on June 30 and December 31. What is the total cash received on the issue date?

a. $9,800,000

b. $10,100,000

c. $9,950,000

d. $10,166,667

e. $10,400,000

Reference no: EM132617032

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