45.

Discount-Mart issues $14 million in bonds on January 1, 2021. The bonds have a nine-year term and pay interest semiannually on June 30 and December 31 each year. Below is a partial bond amortization schedule for the bonds:

Date	Cash Paid			Interest Expense			Increase in Carrying Value			Carrying Value
01/01/2021										$	12,591,728
06/30/2021	$	840,000		$	881,421		$	41,421			12,633,149
12/31/2021		840,000			884,320			44,320			12,677,469
06/30/2022		840,000			887,423			47,423			12,724,892
12/31/2022		840,000			890,742			50,742			12,775,634

What is the carrying value of the bonds as of December 31, 2022?