Victor Company issued bonds with a $625,000 face value and a 4% stated rate of interest on January 1, Year 1. The bonds carried a 5-year term and sold for 94. Victor uses the straight-line method of amortization. Interest is payable on December 31 of each year. The carrying value of the bond liability on the December 31, Year 3 balance sheet was: 58 Multiple Choice $602,500 $595,000 $617,500