On January 1, 2010, Ellison Co. issued 8-year bonds with a face value of $1,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. Table values are as follows:

Present value of 1 for eight periods at 6%.627

Present value of 1 for eight periods at 8%.540

Present value of 1 for 16 periods at 3%.623

Present value of 1 for 16 periods at 4%.534

Present value of annuity for eight periods at 6%6.210

Present value of annuity for eight periods at 8%5.747

Present value of annuity for 16 periods at 3%12.561

Present value of annuity for 16 periods at 4%11.652

What is the issue price of the bonds?