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On January 1, 2021, $1120000, 5-year, 5% bonds, were issued for $1072226. The interest rate in effect when the bonds were issued was 6%. Interest

On January 1, 2021, $1120000, 5-year, 5% bonds, were issued for $1072226. The interest rate in effect when the bonds were issued was 6%. Interest is paid semi-annually on January 1 and July 1. What would be the amortized cost of the bonds on January 1, 2022? (Round intermediate calculations to 5 decimal places.)

$1080685

$1085106

$1072226

$1120000

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