Ltd. is authorized to issue

$ 3 comma 000 comma 000$3,000,000

of

44?%,

1010?-year

bonds payable. On December? 31,

20142014?,

when the market interest rate is

77?%,

the company issues

$ 2 comma 400 comma 000$2,400,000

of the bonds.

ChampChamp

Ltd. amortizes bond discount by the? effective-interest method. The semiannual interest dates are June 30 and December 31.

Requirements

1.	Use the PV function in Excel Superscript Excel to calculate the issue price of the bonds.
2.	Prepare a bond amortization table for the first year of the bonds.
3.	Record issuance of bonds payable on December? 31, 20142014?; the first semiannual interest payment on June? 30, 20152015?; and the second payment on December? 31, 20152015.