Current Attempt in Progress On January 1, 2020, Sarasota Corporation issued 10% bonds with a par value of $5,170,000, due in 10 years. The company incurred $124.000 in costs associated with the issuance of the bonds, which were capitalized. The bonds were issued at 102, and paid interest on January 1 and July 1 each year. Sarasota's year-end was March 31. The company followed ASPE and chose to use the straight-line method of amortization for bond discounts or premiums. During 2018, Buffalo Inc., a furniture store, issued two different series of bonds, details of which follow: First issue: 600 $100, 11% bonds, at par, each convertible into 6 common shares. Second issue: 340 $100,9% bonds, at par, each convertible into 4 common shares For the year ended December 31, 2020, the company had net income of $75,660. Throughout 2020, 3.000 common shares were outstanding, none of the bonds were converted or redeemed. The company's tax rate was 20%. (For simplicity, ignore the requirement to record the debt and equity portions of the convertible bond separately)