Ripkin company issues 9%, five year bonds dated January 1, 2013, with a 320,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of 332,988 there annual market rate is 8% on the issue date.

1. Compute the total bond interest expense over the bonds life.

2. Prepare and effective interest ammortization table like the one in Exhibit 14B.2 for the bonds life

3. Prepare the journal entries to record the first two interest paymens

4. Use the maket rate at innuance to compute the the present value of the remaining cash flows for these bonds as of December 31, 2015. Compare your answer with the amount shown on the amortization table as the balance for that date(from part 2) and explain your findings.