Sunny Corporation has $$1,000,000$ in variable rate debt, with interest payments at SOFR plus $20$ bp$,$ and interest payments due June $30$ and December $31$ of each year. On January $1,2023,$ it entered an $18-$month receive variable$/$pay fixed interest rate swap, with the annual fixed rate set at $3\mathrm{.}0$ percent. On January $1,2023,$ SOFR is $1\mathrm{.}6$ percent. On June $30,2023,$ SOFR declines to $1\mathrm{.}2$ percent and causes the variable rate to be reset at that time. The swap qualifies for hedge accounting.

What is the balance for the investment in swap at January $1,2023?$