On January 1, 2019, Renfro Co. purchased to hold for collection, 1,000,000; 9% bonds for 6940,000 (a 10% effective interest rate). The bonds pay interest semiannually on July 1 and January 1. Renfro uses the effective interest method of amortization. The bonds should be reported in the December 31, 2019 statement of financial position at a carrying value of