Problem 14-8B Bond discount amortization and finding the present value of remaining cash flows using business calculator PV function [ LO4, (S) 5 excel CHECK FIGURE: 2. Total interest expense =$298,903 Westgate Motor Homes Inc. issued bonds with a par value of $680,000 and a fiveyear life on January I, 2023. The bonds pay interest o June 30 and Deeember 31 . The contract interest rate is 8%. The market interest rate was 9% on the original issue dare Required 1. Calculate the issue price and the total bond interest expense over the life of the bonds. 2. Prepare an amortization table using the effective interest method similar to [ Exhibit 14.11. 3. Show the journal entries that Westeate would make to record the first two interest payments. Assume a December 31 yearend 4. Use the original market interest rate to calculate the present value of the remaining cash flows for these bonds as of December 31. 2025. Compare your answer with the amount shown on the amortization table as the balance for that date and explain your findings