round your answer to the nearest dollar, such as 12345. Also use the effective interest rate method.

On January 1, 2014, ABX Company issues $1,000,000 of 6-year bonds, with 5% coupon payable annually on December 31. The market rate of the bonds on January 1, 2014 is 4%.

a. The carrying value of the bond at the end of 2014 is $______________

b. The carrying value of the bond at the end of 2015 is $______________

c. The total interest expense over the life of the bond is $______________. (Note: No need to consider the time value.)