on january 1, the township defeased in substance $400k of bonds that had been issued years earlier to construct the bridge. the bonds had been issued at par. to effect the transaction the township issued $405k of new bonds, at par, and placed the proceeds in a trust. the old bonds have a coupon rate of 5 percent, the new bonds have a coupon rate of 4 percent. what amount should luling report in its december 31, 2011 financial statements as: bond proceeds in its capital project fund. $405k $805k $400k none of the above