Downing Company issues $4,000,000, 6%, 5-year bonds dated January 1, 2014 on January 1, 2014. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 5%. What are the proceeds from the bond issue? 
Definitions:
Balance Sheet
A report detailing a business's assets, debts, and owners' equity at a particular moment, offering an overview of its financial health.
Accounting Cycle
The process of recording, classifying, summarizing, and reporting a company's financial transactions through the accounting period.
Journalize
The process of recording transactions in a journal, marking the first step in the accounting cycle.
Post-Closing Trial Balance
Prepared as an additional step in the accounting cycle to check that debits equal credits and all temporary accounts have been closed (have zero balances).
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