Refer to the information for Roman Corporation below.
Roman Corporation decided to issue long-term debt in order to pay off its short-term obligations.
On January 1, 2021, Roman issued $900,000 in 7% bonds (payable on December 31, 2030) at 87. Interest is paid on June 30 and December 31. The market rate of interest is 9%.
Required:
Prepare the amortization table through December 31, 2022, using the effective interest rate method.