(Learning Objective 2: Creating a bond amortization schedule (discount)) Dracut Co. issued $100,000 of 8%, 10-year bonds payable on January 1, 20X0, when the market interest rate was 10%. The company pays interest annually at year-end.

❙ Requirement 1. Create a spreadsheet model to prepare a schedule to amortize the bonds. Use the effectiveinterest method of amortization. (Round to the nearest dollar.)