1.Allen Corporation issued $250,000 of 6% 7-year bonds on January 1, 2019, for $230,000. Interest is paid annually on December 31. The market rate of interest is 8%.

Prepare the amortization table through December 31, 2022, using the effective interest rate method. (Round to the nearest dollar)

Cash Interest Discount on Discount on bonds Carrying

Period Payment Expense bonds payable payable balance Value