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Corporation X issued a $1,000,000 bond for its stated principal amount on January 15, 2015. The bond matures in 10 years and provides for semiannual

Corporation X issued a $1,000,000 bond for its stated principal amount on January 15, 2015. The bond matures in 10 years and provides for semiannual interest payments at a rate of 6%. On July 15, 2015, A purchases the bond for $960,000. Assume that A sells the bond on July 15, 2016 for $980,000. Calculate the amount of accrued market discount as of July 15, 2016.

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