Cornerstone Exercise 9-30 (Algorithmic) Debt Issued at a Premium (Straight Line)

On January 1, 2020, Ironman Steel issued $1,100,000, 8-year bonds for $1,232,000. The stated rate of interest was 8% and interest is paid annually on December 31.

Required:

Prepare the amortization table for Ironman Steel's bonds. If required, round your answers to nearest whole value. If an amount box does not require an entry, leave it blank and if the answer is zero, enter "0".

Ironman Steel
Amortization Table
Period	Cash Payment (Credit)	Interest Expense (Debit)	Premium on Bonds Payable (Debit)	Premium on Bonds Payable Balance	Carrying Value
At issue	$	$	$	$	$
12/31/20
12/31/21
12/31/22
12/31/23
12/31/24
12/31/25
12/31/26
12/31/27