England Corporation is issuing $155,400 of 10%, 5-year bonds when potential bond investors want a return of 12%. Interest is payable semiannually. Use a factor table. Compute the market price (present value) of the bonds.

(Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 12,520.)