! Required information [The following information applies to the questions displayed below.) On January 1, 2021, Splash City issues $340,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 7% and the bonds Issued at $303,696. Required: 1. Using an amortization schedule, show that the bonds have a carrying value of $305,506 on December 31, 2022. (Round interest expense to nearest whole dollar.) Date Cash Pald Interest Expense Increase in Carrying Value Carrying Value 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022