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

Haley Industries issued $$130,000$ of $10\%,7-$year bonds on January $1,2024,$ with a $$6,543$ premium. Interest is paid annually on December $31.$ The market rate of

interest is $9\%.$

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