On 1/1/19, Ambler Corporation issued $400,000, 7%, 20-year bonds which pay interest on July 1 and January 1 of each year. The market rate at the time of issuance was 10%. Amblers fiscal year ends on December 31. Round your answers to the nearest dollar.

1. Compute the price of this bond.

2. Prepare Amblers required journal entry on 1/1/19

3. What amount of discount should be amortized on 12/31/19?

4. Prepare Amblers required journal entry on 7/1/20.

5. Show exactly and specifically what will appear on the 12/31/20 balance sheet related to these bonds. Be complete (include account titles, amounts and locations).