On January 1, 2012, Ginsberg, Corp., issued $400,000 of 7.375%, five-year bonds payable when the market interest rate was 8%. Ginsberg pays interest annually at year-end. The issue price of the bonds was $390,018.
Requirement
1. Create a spreasheet model to measure interest and bond discount amortization based on thetable.

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A B D Bond 2. Interest Interest Discount Discount Carrying Balance Date Payment Expense Amortization Amount 1-1-12 390,018 ITT 12-31-12 12-31-13 8. 12-31-14 9. 12-31-15 10 12-31-16 400,000*7.375 +FS*.08 +C6-B6 400,000-F5 +F5+D6