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On January 1, Year 1, Victor Company issued bonds with a $775,000 face value, a stated rate of interest of 4%, and a 5-year term

On January 1, Year 1, Victor Company issued bonds with a $775,000 face value, a stated rate of interest of 4%, and a 5-year term to maturity. The bonds sold at 94. Interest is payable in cash on December 31 of each year. Victor uses the straight-line method to amortize bond discounts and premiums. What is the carrying value of the bond liability at December 31, Year 3?

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