On January 1, 2021, Asher Company sold (issued) 600, $1,000, five-year, 8% bonds at 95. The bonds were dated January 1, 2021, and interest is payable each June 30 and December 31. The company uses the straight-line method of amortization. What is the amount of the net liability for bonds payable that would be reported on the December 31, 2021, statement of financial position?

Multiple Choice

• $573,000

• $576,000

• $597,000

• $600,000