Champ Ltd. is authorized to issue $2,000,000 of 4%, 10-year bonds payable. On December 31, 2014, when the market interest rate is 8%, the company issues $1,600,000 of the bonds. Champ Ltd. amortizes bond discount by the effective-interest method. The semiannual interest dates are June 30 and December 31. Requirements Use the PV function in Excel to calculate the issue price of the bonds. Prepare a bond amortization table for the first year of the bonds Record issuance of bonds payable on December 31, 2014: the first semiannual interest payment on June 30, 2015: and the second payment on December 31, 2015