Kane Corp. is a TSX-listed company and has a December 31 year-end. On January 1, 2020, the company purchased $5 million of 4-year, 4% bonds of Tottenham Company. Interest is payable annually on December 31. Kane Corp. incurred $3,000 in transaction costs to purchase the bonds. On January 1, 2020, the market interest rate was 9%. Kane Corp. classified the bonds as an FV-OCI (fair-value-through-other-comprehensive-income) investment.

How much bond investment should Kane Corp. recognize on January 1, 2020? (Note: Find the nearest amount.)