On October 1, 2020, Cullumber Company purchased 920 of the $1000 face value. 7% bonds of Pharoah, Inc., for $996000, including accrued interest of $19600. The bonds, which mature on January 1, 2027, pay interest semiannually on January 1 and July 1. Cullumber used the straight-line method of amortization and appropriately recorded the bonds as available-for-sale. On Cullumber's December 31, 2021 balance sheet, the carrying value of the bonds is