Discount-Mart issues $13 million in bonds on January 1, 2021. The bonds have a ten-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										$	11,379,912
06/30/2021	$	520,000		$	568,996		$	48,996			11,428,908
12/31/2021		520,000			571,445			51,445			11,480,353
06/30/2022		520,000			574,018			54,018			11,534,371
12/31/2022		520,000			576,719			56,719			11,591,090

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

• $11,591,090.

• $12,631,090.

• $11,534,371.

• $11,480,353.