On December $1,2025,$ Sandhill Company issued $810$ of its $9\%,$$$1,000$ bonds at $102.$ Each bond included one

detachable stock warrant entitling the holder to purchase $10$ shares of Sandhill's common stock. On December $1,$

$2025,$ the market value of the bonds without the stock warrants was $95$ and the market value of each stock

warrant was $$50.$ The initial carrying value of the bonds payable at the date of issuance would be

$$810000.$

$$826200.$

$$784890.$

$$776628.$