On January 1, 2021, a company issues 3-year bonds with a face value of $160,000 and a stated interest rate of 7%. Because the market interest rate is 5%, the company receives $168,714 for the bonds. Required: Fill in the table assuming the company uses effective-interest bond amortization. (Round your answers to the nearest whole dollar.) Period Ended Cash Paid 01/01/2021 12/31/2021 12/31/2022 12/31/2023 Interest Expense Amortized Premium Bonds Payable 14 Premium on Bonds Payable Carrying Value

On January 1, 2021, a company issues 3-year bonds with a face value of $160,000 and a stated interest rate of 7%. Because the market interest rate is 5%, the company recelves $168,714 for the bonds. Required: Fill in the table assuming the company uses effective-interest bond amortization. (Round your answers to the nearest whole dollar.)