On January 1, 2024, Blossom Ltd issued bonds with a maturity value of $7.60 million when the market rate of interest was 4% The bonds have a coupon (contractual) interest rate of 5% and mature on January 1, 2034 Interest on the bonds is payable semi-annually on July 1 and January 1 of each year. The company's year end is December 31. Prepare a bond amortization schedule from the date of issue upto and including January 1, 2027.

Date Interest payment Interest expense Premium Amortization Bond carrying amount

Jan 1, 2024 ----------- ------------- ---------------

July 1, 2024

Jan 1, 2025

July 1, 2025

Jan 1, 2026

July 1, 2026

Jan 1, 2027