Gyrodyne Corporation has a number of bond issues outstanding in various amounts with various interest rates and maturities Assume Gyrodyne has outstanding an issue of 8% bonds that mature in 2030 . Suppose the bonds are dated October 1, 2020, and pay interest each April 1 and October 1 .

Bond Data :

Maturity value $160,000

Contract interest rate-8%

Interest paid-4% semi-annually, $6,400 ($160,000 0.08 6/12)

Market interest rate at the time of issue-10% annually, 5% semi-annually

Issue price-87.54

Requirement 1. Use Excel to complete the effective interest amortization table through October 1, 2022. First identify the issue price of the bonds (Round your answers to the nearest whole dollar.)

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