Ellis issues 6.5%, five-year bonds dated January 1, 2013, with a $250,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $255,333. The annual market rate is 6% on the issue date. Use the market rate at issuance to compute the present value of the remaining cash flows for these bonds as of December 31, 2015.