Final answer:
Eddie Industries received $1,575,000 in cash from the sale of the bonds.
Step-by-step explanation:
When a company issues bonds, the cash received from the sale is equal to the face value of the bonds multiplied by the issue price. In this case, Eddie Industries issued $1,500,000 of bonds at 105, which means the issue price was 105% of the face value. To find the cash received, we need to calculate 105% of $1,500,000:
Cash received = Face value of bonds x (Issue price/100) = $1,500,000 x (105/100) = $1,575,000
So, Eddie Industries received $1,575,000 in cash from the sale of the bonds.