Tewksbury Co. issued $720,000 of 11% (0.11), 10-year bonds payable on January 1, 2010, when the market interest rate was 12% (0.12). The company pays interest annually at year-end. The issue price of the bonds was $679,318.

Requirement
1. Create a spreadsheet model to prepare a schedule to amortize the bonds. Use the effective interest method of amortization. (Round to the nearest dollar.)