Amortization of Cosmunt Stacy Company issued from-year, 7%, bonds with face value of $13,000 on January 1, 2016. Interest is paid annually on December 31. The market rate of interest on this clate is 9%, and Stacy Company receive proceeds of $11,989 on the bond issue. Use the appropriate present value table: PV of $1 and PV of Annuity of $1 Requiredi 1. Prepare a five-year table to amortize the discount using the effective interest method. If required, round all calculations to the nearest dolar. Enteral amounts as positive numbers. Date 1/01/16 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 Totals Discount Amortization Effective Interest Method of Amortization Cash Interest 75% Interest Expense 9% Discount Amortized Carrying Value 2. What is the total interest expense over the life of the bonds? cash interest payment? discount amortization? Total interest expense Cash interest payment Discount amortization $ 3. Prepare the journal entry for the payment of Interest and the amortization of discount on December 31, 2018 (the third year). Indicate the effect on financial statement items by selecting - for decrease (or negative effect), "+" for Increase (or positive effect) and "NE" for No Entry (or no effect) on the financial statement. Journal Balance Sheet Stockholders' Debit Credit Asutu = Liabilities + Equity Revenues Income Statement Net Expenses = Income Date Description 2018 Dec. 31 Determine the balance sheet presentation of the bands for December 31, 2018. Stacy Company Balance Sheet (Partial) December 31, 2018