Pharoah Ltd$.$ issued $$1\mathrm{.}08$ million of $5-$year, $4\%$ bonds dated May $1,2024,$ for $$1,129,800$ when the market interest rate was $3\%.$

Interest is paid semi$-$annually on May $1$ and November $1.$ Prepare an amortization schedule for the first three interest payments.

$($Round answers to $0$ decimal places, e$.$g$.5,275.)$

Date

May $1,2024$

Interest Payment

PHAROAH LTD$.$

Bond Premium Amortization Table

Effective Interest Method$-$Semi$-$Annual Interest Payments

$4\%$ Bonds Issued at market rate of $3\%$

Interest Expense

Premium Amortization

Bond Carrying

$

Nov. $1,2024$

May $1,2025$

Vov. $1,2025$