On January 1, Year 1, Wayne Company issued bonds with a face value of $640,000, a 7% stated rate of interest, and a 10-year term. Interest is payable in cash on December 31 of each year. Wayne uses the straight-line method to amortize bond discounts and premiums. Assuming Wayne issued the bonds for 103.0, what is the carrying value of the bonds on the December 31, Year 1 balance sheet? Multiple Choice $657,280 $659,200 $641,920 $661,120