Farmer Company issues $20,000,000 of 10-year, 9% bonds on March 1, 2012 at 97 plus accrued interest. The bonds are dated January 1, 2012, and pay interest on June 30 and December 31. What is the total cash received on the issue date?

If the market rate of interest is lower than the stated rate, bonds will sell at an amount:

a. equal to face value. b. not determinable from the given information. c. lower than face value. d. higher than face value.

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Indicate whether the statement is true or false