1) ZBar sells 40 bonds with a face value of $10,000 each on January 1, 2018. 2) The board of directors determines these bonds will have a 5 year life, have a stated rate of 18%, and pay interest semiannually. 3) The current market rate is found to be 12% on the date of sale. Calculation of Cash Proceeds: | Step 2: Present Values of Paid Amounts Partial Repayment Schedule (Just the first 4 periods) Cash PMT Interest Expense Face Value Carrying Value Date Amort. Premium START 1/1/2018 6/30/2018 Period # 1 Period # 2 12/31/2018 Period # 3 6/30/2019 Period # 4 12/31/2019