Bonds Issued at a Premium $($Effective Interest$)$

Haley Industries issued $$80,000$ of $9\%,7-$year bonds on January $1,2024,$ with a $$4,165$ premium. Interest is paid annually on December $31.$ The market rate of interest is $8\%.$

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answer in the question below.

Open spreadsheet

Required:

Prepare the amortization table using the effective interest rate method. Round interest expense to a dollar and round final year interest expense amount to complete the amortization.

Haley Industries

Amortization Table

$\backslash$table$[[$Period$,\backslash$table$[[$Cash Payment$],[($Credit$)]],\backslash$table$[[$Interest Expense$],[($Debit$)]],\backslash$table$[[$Premium on Bonds$],[$Payable $($Debit$)]],\backslash$table$[[$Premium on Bonds$],[$Payable Balance$]],$Carrying Value$],[$At issue,,,,$$,$$