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Problem 14-2 Sheffield Co. is building a new hockey arena at a cost of $2,750,000. It received a downpayment of $470,000 from local businesses to

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Problem 14-2 Sheffield Co. is building a new hockey arena at a cost of $2,750,000. It received a downpayment of $470,000 from local businesses to support the project, and now needs to borrow $2,280,000 to complete the project. It therefore decides to issue $2,280,000 of 10%, 10-year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1. The bonds yield 9%. Your answer is partially correct. Try again. Prepare a bond amortization schedule up to and including January 1, 2020, using the effective interest method. (Round answers to 0 decimal places, e.g. 38,548.) Cash Paid Interest Expense Premium Amortization Carrying Amount of Bonds Date 1/1/16 1 3159031 X= 8000 284313 56313 3102718 1/1/18 279245 51245 3051473 1/1/19 T 28000 274633 46633 3004840 1/1/20 228000 270436 42436 2962404 SUAMI TETE ACCOUNTS

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