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Please help me with corrections too! Thank you. E10-15 Preparing a Debt Payment Schedule with the Effective-Interest Method of Amortization, and Determining Reported Amounts LO10-3

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Please help me with corrections too! Thank you.

E10-15 Preparing a Debt Payment Schedule with the Effective-Interest Method of Amortization, and Determining Reported Amounts LO10-3 Shuttle Company issued $950,000, three-year, 5 percent bonds on January 1, year 1. The bond interest is paid each December 31, the end of the company's fiscal year. The bond was sold to yield 4 percent. Use Table 9C1. Table 9C 2. (Round time value factor to 4 decimal places.) Required: 1. Complete a bond payment schedule. Use the effective interest amortization method. (Make sure that the unamortized discount/premium equals to 'O' and the Net Liability equals to face value of the bond in the last period. Interest expense in the last period should be calculated as Cash Intest (+) discount /(-) premium amortized. Round intermediate and final answers to the nearest whole dollar.) Bond Payment Schedule Interest Cash Payment Amortization Expense of Premium Date $ 47,500 $ 1/1/year 1 12/31/year 1 12/31/year 2 12/31/year 3 39,055 $ 38,717 38,365 47,500 47,500 Carrying Amount $ 976,364 967.919 959,136 950,000 8,4451 8,7831 9,136 2. What amounts will be reported on the financial statements (statement of financial position, statement of earnings, and statement of cash flows) for year 1, year 2, and year 3? (Round intermediate and final answers to the nearest whole dollar.) Year 1 Year 2 Year 3 967,922 959,139 Interest expense Bonds payable Interest payment Issuance of bonds Payment of bonds

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