Monty Company sells 10% bonds having a maturity value of $1,850,000 for $1,716,630. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is payable annually on January 1. Set up a schedule of interest expense and discount amortization under the straight-line method. Can you please show work?

Year

Cash Paid

Interest Expense

Discount Amortized

Carrying Amount of Bonds

Jan. 1 2017

Jan. 1 2018

Jan. 1 2019

Jan. 1 2020

Jan. 1 2021

Jan. 1 2022