Energy Ltd$.$ is authorized to issue $$3,000,000$ of $1\%,10-$year bonds payable. On December $31,2021,$ when the market interest rate is $8\%,$ the company issues $$2,400,000$ of the bonds. Energy amortizes bond discount using the effective$-$interest method. The semiannual interest dates are June $30$ and December $31.$

Read the requirements.

Requirement $1.$ Use the PV function in Excel to calculate the issue price of the bonds. $($Round your answer to the nearest whole dollar.$)$

The issue price of the bonds is

Requirement $2.$ Prepare a bond amortization table for the first year of the bonds. $($Round your answers to the nearest whole dollar.$)$

$\backslash$table$[[.,,$Amc,$\backslash$table$[[$Ltd$.],[$n Table$]],,4],[$Semiannual$,$Interest,Interest,Discount,Discount Account,Bond Carrying$],[$Interest Date,Payment,Expense,Amortization,Balance,Amount$]]$

Requirem$$nts

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 the issuance of the bonds payable on December $31,2021$; the first semiannual interest payment on June $30,2022$ ; and the second payment on December $31,2022.$Complete table