Stacy Company issued five-year, 10% bonds with a face value of $10,000 on January 1,2016 . Interest is paid annually on December 31 . The market rate of interest on this date is 12%, and Stacy Company receives proceeds of $9,279 on the bond issuance. Use the appropriate present value table: PV of $1 and PV of Annuity of $1 Required: 1. Prepare a five-year table to amortize the discount using the effective interest method. Note: Round Interest Expense to nearest whole dollar. Add to the 12/31/2020 Interest Expense amount necessary to ensure ending Carrying Value equals Face Value. 2. What is the total interest expense over the life of the bonds? cash interest payment? discount amortization? Feedback Check My Work A discount or premium represents the difference between the face value and the issuance price of the bond. Bonds are issued at a discount when the market rate of interest exceeds the face rate. 3. Prepare the journal entry for the payment of interest and the amortization of discount on December 31,2018 . Indicate the effect on financial statement items by selecting "-" for decrease (or negative effect), "+" for increase (or positive effect) and "NE" for No Entry (or no effect) on the financial statement. Determine the balance sheet presentation of the bonds for December 31,2018