Importers Direct arranged to have a French winery ship a large quantity of fine wine to the United States. By signing a(n) , Importers Direct authorized its bank to make full payment to the French winery if and when the wine arrives at the Importers Direct warehouse in Philadelphia.

On january 1, year 1, purl corp. purchased as a long-term investment $500,000 face amount of shaw, inc.’s 8% bonds for $456,200. the bonds were purchased to yield 10% interest. the bonds mature on january 1, year 6, and pay interest annually on january 1. purl uses the effective interest method of amortization. what amount (rounded to nearest $100) should purl report on its december 31, year 2, balance sheet for these held-to-maturity bonds?