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Bonds Issued at a Discount (Effective Interest) Crafty Corporation received $284,901 of cash upon issuance of 300,$1,000 par value bonds. Each bond has a stated
Bonds Issued at a Discount (Effective Interest) Crafty Corporation received $284,901 of cash upon issuance of 300,$1,000 par value bonds. Each bond has a stated rate of 8% and will mature on December 31, 2030, 7 years after the issuance of the bonds. Interest is paid annually on December 31 . The market rate of interest is 9%. Required: Prepare the amortization table using the effective interest rate method. Note: If an amount box does not require an entry, leave it blank and if the answer is zero, enter "0". Round Interest Expense to the nearest whole dollar. And, round final year amount to complete the amortization. Crafty Corporation
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