Required information P10-10 (Algo) Preparing a Bond Amortization Schedule for a Bond Issued at a Premium LO10-5 [The following information applies to the questions displayed below.] On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds: Date: Cash Interest Amortization January 1, Year 1 Balance $32,566 End of Year 1 $ 1,792 $ 1,661 $131 32,435 End of Year 2 End of Year 3 End of Year 4 2 2 2 32,297 7 7 145 2 1,640 2 32,000 P10-10 Part 6 6. What is the coupon rate? (Enter your answer as a percentage rounded to 1 decimal place (i.e. 0.123 should be entered as 12.3).) Answer is complete but not entirely correct. Coupon Rate 55.0 % 3