Garcia Company issues 10.50%, 15-year bonds with a par value of $250,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 14.50%, which implies a selling price of 75 1/2. The effective interest method is used to allocate interest expense.
1. Using the implied selling price of 75 1/2, what are the issuer's cash proceeds from issuance of these bonds.
Cash proceeds ______