LONG TERM LIABILTIES Kansas Corporation issued $800,000 of 4%, 5-year bonds dated 1/1/41. The bonds pay interest annually on December 31. The market rate of interest on the date of sale was 5%. Date Cash Payment Interest Expense Discount Amortization Discount Balance Amount Owed Issuance (1/1/41) End of Year 1 $32,000 $38,268 $6,268 $28,364 $771,636 End of Year 2 $32,000 $38,582 $6,582 $21,782 $778,218 End of Year 3 $32,000 $38,911 $6,911 $14,872 $785, 128 $792,385 End of Year 4 $32,000 $39,256 $7,256 $7,615 End of Year 5 $32,000 $39,619 $7,615 $0 $800,000 Determine the market price of this bond and enter it into the correct box in the amortization table above. Prepare all entries necessary during the life of this bond. ASSETS = LIABILITIES + EQUITY What is the carrying value of the bond at the end of Year 3