Crafty Corporation received $758,349 of cash upon issuance of 800, $1,000 par value bonds. Each bond has a stated rate of 7% 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 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. X Open spreadsheet Required: Prepare the amortization table using the effective interest rate method. Note: Round interest expense to a dollar and round final year interest expense amount to complete the amortization. Crafty Corporation Amortization Table Period Cash Payment (Credit) Interest Expense (Debit) At issue 12/31/24 40,000 X 60,668 12/31/25 40,000 X 12/31/26 40,000 X 12/31/27 40,000 X 12/31/28 40,000 X 12/31/29 40,000 X 12/31/30 40,000 X Discount on Bonds Payable (Credit) Discount on Bonds Payable Balance 358,349 X 20,668 X 337,681 X Carrying Value 758,349 399,111 X 800,000