A B 1 D E F G H 2 23 3 45 6 7 8 9 On January 1, 2020, Watkins Construction issued $350,000, 3-year bonds for $320,000. The stated rate of interest was 7% and interest is paid annually on December 31. 1. Calculate the amount of discount that will be amortized each period. Must use a formula in the cell to calculate the answer. (2 points) Discount/period: 2. Calculate the amount of interest expense for each period. Must use a formula in the cell to calculate the answer. (2 points) Interest/period: 10 11 12 3. Complete the amortization table below for Watkins Constructions bonds. The highlighted cells should all have values in them. Formulas and/or cell references should be used in every cell. (9 points) Watkins Construction Amortization for Bonds Discount Discount on Interest on Bonds Bonds 13 Period Cash Payment (credit) Expense Payable Payable (debit) (Credit) Balance Book Value 14 At issue $ $ $ $ 320,000 15 12/31/2020 16 12/31/2021 17 12/31/2022 18 19 20 21 22 23 24 25 -