Champs Ltd. is authorized to issue $1.000,000 of 1%, 10-year bonds payable. On December 31, 2014, when the market interest rate is 5%. the company issues $800,000 of the bonds. Champs Ltd. amortizes bond discount by the effective-interest method. The semiannual interest dates are June 30 and December 31. 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