$(24)$ E$14-6($Amortization Schedules$-$Straight$-$Line$)$ Spencer Company sells $10\%$ bonds having a maturity value of $$3,000,000$ for $$2,783,724.$ The bonds are dated January $1,2012,$ and mature January $1,2017.$ Interest is payable annually on January $1.$

Instructions

Set up a schedule of interest expense and discount amortization under the straight$-$line method.