Lowell Co. issued $450,000 of 5% (0.05), 10-year bonds payable on January 1, 2010, when the market interest rate was 6% (0.06). The company pays interest annually at year-end. The issue price of the bonds was $416,880.

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.)