On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 96 resulting in a 4% discount. They had a 20-year term and a stated rate of interest of 7%, which is paid at the end of each year. The company amortizes the discount on a straight-line basis. Based on this information, the carrying value of the bond liability on January 1 , Year 6 is Multiple Choice 548,500. $48,000. $50,000