On January 1, 2024, Morton Sales Company issued zero-coupon bonds with a face value of $6 million for cash. The bonds mature in 10 years and were issued at a price of $3,050,100.

Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)

Required:

What will Morton Sales Company report on these bonds in its December 31, 2024, balance sheet?

Bonds Payable_______