On January 1, 2018, Splash City issues $470,000 of 7% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 8% and the bonds issued at $423,487.

On January 1, 2018 Splash City ssues $470,000 o 7% bonds due in 20 years with interest payable semiannual y on June 30 and December 31 each year. The market interest rate on the issue date is 8% and the bonds issued at $423,487 value: Required information 10.00 points Required: 1. Using an amortization schedule, show that the bonds have a carrying value of $425,566 on December 31, 2019. (Round Interest expense to nearest whole dollar.) Interest Increase in Carrying ing Value Value Date Cash Pald 01/01/18 6/30/18 12/31/18 6/30/19 12/31/19