ACCT 601: Financial Accounting Chapter 10 Assignment Part I: Bonds Payable Background Information Silver Company issues bonds payable on January 1, 2020. Here are the details: stated interest rate = 4%; market interest rate will vary, below principal (face value) = $50,000,000; maturity date: December 31, 2023 the bonds go for? years; interest is paid once a year, at the end of the year 1/1/20 1/1/21 1/1/22 1/1/23 12/31/23 A. Assume the Market Interest Rate is 3% Premium (1) Compute the present value of the cash flows, which is the same as the issue price for the bonds payable ***Requirements: Use Exceland show the inputs that you are using for each calculation (similar to what I have done in the Chapters 9 and 10 Handout SECTION TWO for Excel) And show each cash flow separately, then add together (2) Prepare an amortization for the life of the bonds. ***Requirement: Please use Excel