29 Company issued $1,000,000, 6% bonds on January 1, Year 1 to yield 8%. The bonds pay interest on July 1 and January 1 and mature on January 1, Year 21. Company uses the straight-line method to amortize bond discounts and premiums.

Determine the carrying value of the bonds on December 31, Year 2.

Note: Give your answer using dollar signs and commas but no decimal points (cents). Example: $12,345