I need help understanding how to calculate the interest expense, disc. amortization, and carrying value

Background: On January 1, 2021, the company has issued a 14 year $100,000 bonds payable. The bond calls for an annual payment of interest on 12/31 at a contractual (stated) rate of 8%. Given the credit standing of the company, an interest rate of 6.25% has been imputed as the effective rate. The principal amount of the bond is due at maturity. 1. At what amount should the bond payable be recorded on 1/1/2021 (i.e., what is the present value of future cash payments for the company)? Enter the Excel formula (not numbers) in cell B8 in Worksheet Note: Microsoft Excel's pv function is recommended (there are multiple ways!) The function is "=PV(rate,nper,pmifv)", where rate effective interest rate, nper = number of periods, pmt = periodic payments such as annuity during the period, fv = future one time cash amount such as maturity amount. Memo: Depending the version of your EXCEL, the output might be a negative amount. Simply, multiply by - 1 to get a positive value. 2. Prepare an amortization schedule for the premium or discount for the bond payable in the box of All-E28 at Worksheet. Note: The table will look similar to several Illustrations in the textbook 14-6 to 14-14 (available at pages 779-789), or class power point slide 14 of part #1 or slide 4 of part #2. c H K L M 1. Issuance of Bonds Payable Data Description $100,000 Face Value on Bond Payable 8.00% Stated Interest Rate 6.25% Effective interest Rate 14 Life of Band PV of future cash flows Carrying Value 2. Schedule of Bond Payable biscount Amoritization-Using Effective Interest Rate Method Date Cash Paid Interest Expense Discount Amortization Date of issue (1/1/2021) 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 12/31/26 12/31/27 12/31/28 12/31/29 12/31/30 12/31/31 12/31/32 12/31/33 12/31/34 Sum Thank you! Thank you! H B D E F G H 1 1 K Carrying Value $116,017.35 1 1. Issuance of Bonds Payable 2 Data Description 3 $100,000 Face Value on Bond Payable 4 8.00% Stated Interest Rate 5 6.25% Effective Interest Rate 6 14 Life of Bond 7 8 PV of future cash flows $116,017.35 9 10 11 2. Schedule of Bond Payable Discount Amoritization-Using Effective Interest Rate Method 12 Date Cash Paid Interest Expense Discount Amortization 13 Date of issue (1/1/2021) (B) 6.25% of previous year (A) (A-B) 14 12/31/21 $8,000.00 $7,251.08 $748.92 15 12/31/22 $8,000.00 16 16 12/31/23 $8,000.00 17 12/31/24 $8,000.00 18 12/31/25 $8,000.00 19 12/31/26 $8,000.00 20 12/31/27 $8,000.00 21 12/31/28 $8,000.00 22 12/31/29 $8,000.00 23 12/31/30 $8,000.00 24 12/31/31 $8,000.00 25 12/31/32 $8,000.00 26 12/31/33 $8,000.00 27 12/31/34 $8,000.00 28 Sum 29 30 Thank you