Champs Ltd$.$ is authorized to issue $$1,500,000$ of $2\%,10-$year bonds payable. On December $31,2021,$ when the market interest rate is $6\%,$ the company issues $$1,200,000$ of the bonds. Champs amortizes bond discount using the effective$-$interest method. The semiannual interest dates are June $30$ and December $31.$

Read the requirements.

Requirement $1.$ Use the PV function in Excel to calculate the issue price of the bonds. $($Round your answer to the nearest whole dollar.$)$

The issue price of the bonds is

Requirement $2.$ Prepare a bond amortization table for the first year of the bonds. $($Round your answers to the nearest whole dollar.$)$

Champs Ltd$.$

Use the PV function in Excel to calculate the issue price of the bonds.

Prepare a bond a chmortization table for the first year of the bonds.

Record the issuance of the bonds payable on December $31,2021$ ; the first semiannual interest payment on June $30,2022$ ; and the second payment on December $31,2022.$