The long-term liabilities section of Guyton Enterprises follows. The bonds outstanding on January 1, 20-1, have an annual coupon rate of 4% and had been issued several years ago at a price to yield 5% per year. The discount is amortized using the effective interest method. On December 31, 20-1, $900,000, 5% bonds were issued at a price to yield 6%.

Long-Term Liabilities	December 31, 20-1		January 1, 20-1
Bonds payable	$1,900,000		$1,000,000
Discount on bonds payable	(202,461)		(104,651)
Total long-term liabilities	$1,697,539		$895,349

Required:

(Hint: If you have not covered the effective interest method, assume that bond interest expense for 20-1 was $44,767.)

Compute the cash received from issuing the bonds on December 31, 20-1. Round your answer to the nearest whole dollar. $