Question: On January 1, 2012, Diamond Corporation issued 10-year bonds payable with a total par value of $500,000. The bonds have a contract (or coupon) rate of 7½% and pay interest semi-annually on June 30 and December 31, beginning on June 30, 2012. Diamond issued the bonds on a day when the market (or yield) rate was 8%. In the space below calculate the amount of cash that Diamond Corporation received for the bonds.  Edit