On January 1, 2021, Ivanhoe Ltd. issued $550,000 of 5%, 5-year bonds. The bonds were issued to yield a market interest rate of 6%. Ivanhoe's year end is December 31. On January 1, 2023 immediately after making and recording the semi-annual interest payment, Ivanhoe redeemed the bonds. A partial bond amortization schedule is presented below. Interest Payment Interest Expense Amortization Semi-Annual Interest Period Jan. 1, 2021 July 1, 2021 Jan. 1, 2022 July 1, 2022 Jan 1, 2023 13,750 13,750 13,750 13,750 $15,796 15,858 15,921 15,986 $2,046 2,108 2. 171 2,236 Bond Amortized Cost $526,542 528,588 530,696 532,867 535,103