Chen company issued its 9%, 25-year mortgage bonds in the principal amount of $30,000,000 on January 2,2001, at a discount of $2,722,992 (effective rate of 10%). The indenture securing the issue provided that the bonds could be called for redemption in total but not in part at any time before maturity at 104% of the principal amount, but it did not provide for any sinking fund.