On January 1, 2016, Drennen, Inc., issued $5 million face amount of 10-year, 14% stated rate bonds when market interest rates were 12%. The bonds pay semiannual interest each June 30 and December 31 and mature on December 31, 2025. Assuming Drennen, Inc. uses the effective (compound) interest method, what would be the net bond payable reported on the balance sheet on December 31, 2016? Be sure to round your answer to the nearest dollar.