Problem Three:

On January $1,2022,$ The Justice League issued $$100,000,9\%,$ four$-$year bonds. Interest is paid semiannually on June $30$ and December $31.$ The bonds were issued at $$96,768$ to yield an annual return of $10\%.$

Required:

Show how Justice League calculated the $$96,768$ bond price $($round each to the whole dollar$).$

Prepare an amortization schedule for the dates indicated using the effective interest rate method.

$\backslash$table$[[$Date$,$Cash Payment,Interest Expense,Amortization,Carry Value$],[\frac{1}{1}\frac{?}{2022},,,,],[\frac{6}{30}\frac{?}{2022},,,,],[\frac{12}{31}\frac{?}{2022},,,,],[\frac{6}{30}\frac{?}{2023},,,,]]$

Prepare the journal entries to record the issuance of the bond on January $1$ and interest expense on June $30,2022.$

What amount would the bonds be reported on the balance sheet at the end $2022?$