Using the bond from Exercise 14-11 show the reporting of the bond on the balance sheet at January 31, 2016. Round to the nearest dollar.
In Exercise 14-11
Gary Corporation wholesales bike parts to bicycle manufacturers. On March 1, 2015, the first day of its first fiscal year, Gary Corporation issued $8,000,000 of five-year, 7% bonds at an effective interest rate of 6%, receiving cash of $8,341,208.11. Interest is payable semiannually on March 1 and September 1, and the company uses the effective interest method for bond premium amortization. Gary Corporation has a January 31 year-end.