Discount-Mart issues $17 million in bonds on January 1, 2021. The bonds have a seven-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										$	15,419,852
06/30/2021	$	850,000		$	925,191		$	75,191			15,495,043
12/31/2021		850,000			929,703			79,703			15,574,746
06/30/2022		850,000			934,485			84,485			15,659,231
12/31/2022		850,000			939,554			89,554			15,748,785

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

Multiple Choice

• $15,748,785.

• $15,574,746.

• $17,448,785.

• $15,659,231.