(Learning Objective 2: Issuing bonds payable (discount); recording interest payments and the related bond amortization) Goal Sports Ltd. is authorized to issue $3,000,000 of 10%, 10-year bonds payable. On December 31, 20X0, when the market interest rate is 12%, the company issues $2,400,000 of the bonds. Goal Sports Ltd. amortizes bond discounts by the effective-interest method. The semi-annual interest dates are June 30 and December 31.

❙ Requirements 1. Prepare a bond amortization table for the fi rst four semi-annual interest periods.

2. Record issuance of the bonds payable on December 31, 20X0, the fi rst semi-annual interest payment on June 30, 20X1, and the second payment on December 31, 20X1.