On January 1, Year 1, Residence Company issued bonds with a $50,000 face value. The bonds were issued at 104 resulting in a 4% premium. They had a 20 year term, a stated rate of interest of 7%, and an effective rate of interest of 6.633%. Assuming Residence uses the effective interest rate method, the book value of the bond liability recognized on December 31, Year 2 is (round any necessary computations to the nearest whole dollar)