Quatro Co. issues bonds dated January 1, 2015, with a par value of $860,000. The bonds? annual contract rate is 10%, and interest is paid semiannually on June 30 and December 31. The bonds mature in three years. The annual market rate at the date of issuance is 8%, and the bonds are sold for $905,068.

1. What is the amount of the premium on these bonds at issuance?

2. How much total bond interest expense will be recognized over the life of these bonds?

3. Prepare an amortization table for these bonds using the effective interest method to amortize the premium. (Enter all amounts positive values. Round all amounts to the nearest whole dollar.)

Ellisissues 8.0%, five-year bonds dated January 1, 2015, with a $600,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $651,185. The annual market rate is 6% on the issue date.

1. Use the market rate at issuance to compute the present value of the remaining cash flows for these bonds as of December 31, 2017. (round table values to 4 decimal places, and use rounded values in all calculations)

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