He has a shirt for which he paid $97, plus $1 in his pocket = $98.
He owes each parent $49 : 2 x $49 = $98.
The $1 in his pocket is part of the $98 he owes his friends. Adding that single dollar AGAIN to the $98 makes no sense whatsoever. That sum is meaningless.
There is no "missing dollar".
Google wins