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On January 1, 2020, Auto Company issued $350,000, 3-year bonds for $320,000. The stated rate of interest was 7% and interest is paid annually on December 31.

- Calculate the amount of discount that will be amortized each period. Discount/period = ?

- Calculate the amount of interest expense for each period.

- See the chart below for this part of the question

Discount on 3. Complete the amortization table below for Auto Company bonds. Auto Company Amortization for Bonds Discount on Bonds Cash Payment Interest Payable Period (credit) Expense (debit) (Credit) At issue 12/31/2020 12/31/2021 12/31/2022 Bonds Payable Balance Book Value $ 320,000