Discount$-$Mart issues $$20$ million in bonds on January $1,2024.$ The bonds have a eight$-$year term and pay interest semiannually on June $30$ and December $31$ each year. Below is a partial bond amortization schedule for the bonds:

Date

Cash

Paid

Expense

Carrying Value

Value

$01/01/2024$

$$17,832,446$

$06/30/2024$

$$800,000$

$$891,622$

$$91,622$

$17,924,068$

$12/31/2024$

$800,000$

$896,203$

$96,203$

$18,020,271$

$06/30/2025$

$800,000$

$901,014$

$101,014$

$18,121,285$

What is the carrying value of the bonds as of December $31,2025?$