Tano Company issues bonds with a par value of $83,000 on January 1 of the current year. The oonds' annual contract rate is 10%, and interest is paid semiannually on June 30 and December 31. The bonds mature in three years. The annual market rate at the date of issuance is 120%, and the bonds are sold for $78,919. Par value $83,000 Contract rate 10% Term 3 years Market rate 120% Proceeds $78,919 Payments per year 2 Required: What is the amount of the discount on these bonds at issuance