On January 1, 2024, Solo Incorporated issued 1,100 of its 12%, $1,000 bonds at 97.8. Interest is payable semiannually on January 1 and July 1. The bonds mature on January 1, 2034. Solo paid $56,000 in bond issue costs. Solo uses straight-line amortization.

What is the carrying value of the bonds reported in the December 31, 2024, balance sheet?

Multiple Choice

$1,266,000

$1,027,820

$1,210,000

$1,138,220