Amira Inc. issued $50,000,000, 5.0%, six-year bonds on January 1, 20X6. The bonds pay interest semi-annually on June 30 and December 31 each year. The market rate of interest for similar bonds at time of issuance was 6.0%. Amira Inc. paid $65,000 in transaction costs directly attributable to the issuance of the bonds. Amira classifies the bonds at amortized cost. On recognition date, what amount will Amira Inc. initially measure the bond liability at?