On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds:

Date	Cash			Interest			Amortization				Balance
January 1, Year 1											$	71,188
End of Year 1	$	5,180		$	4,912		$	268				70,920
End of Year 2		?			?			?				70,633
End of Year 3		?			?			306				?
End of Year 4		?			4,853			?				70,000

P10-10 Part 8

8. What amount of interest expense will be reported on the income statement for Year 2 and Year 3? (Round your final answers to nearest whole dollar amount.)

On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds:

Date	Cash			Interest			Amortization				Balance
January 1, Year 1											$	71,188
End of Year 1	$	5,180		$	4,912		$	268				70,920
End of Year 2		?			?			?				70,633
End of Year 3		?			?			306				?
End of Year 4		?			4,853			?				70,000

P10-10 Part 9

9. What amount will be reported on the balance sheet at the end of Year 2 and Year 3?