On January 1, 2021, M&M company purchased P1,000,000, 12% bonds for P1,065,000, a price that yields 10%. The bonds pay interest semi-annually every January 1and July 1. On December 31, 2021, each bond is selling at P1,055. If the debt investments are classified as at amortized cost, what is the carrying value of the debt investment reported at December 31, 2021?

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