$*$PLEASE INCLUDE FORMULA FOR INTEREST EXPENSE$*$ On June $30,2021,$ the market interest rate is $7\%.$ First Base Corporation issues $$750,000$ of $11\%,25-$year bonds payable. The bonds pay interest on June $30$ and December $31.$ The company an bond premium using the effective$-$interest method.

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

$$1,101,834$

Requirement $2.$ Prepare an amortization table for the first four semiannual interest periods.

Enter the issue date information, then complete the table for each of the following semiannual interest periods. $($Round your answers to the nearest whole dollar.$)$

$\backslash$table$[[\backslash$table$[[$First Base Corporation$],[$Amortization Table$]]],[$Semiannual$,,$Interest,Interest,Premium,Premium Account,Bond Carrying$],[$Interest Period,,Payment,Expense,Amortization,Balance,Amount$],[$Jun $30,2021,,,,,351,834,1,101,834$