Shamrock Company sells10% bonds having a maturity value of $1,400,000for $1,299,071. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is payable annually on January 1.

Set up a schedule of interest expense and discount amortization under the straight-line method.

Schedule of Discount Amortization Straight-Line Method
Year	Cash Paid	Interest Expense	Discount Amortized	Carrying Amount of Bonds
Jan. 1, 2017	$	$	$	$ 1,299,071
Jan. 1, 2018	140000
Jan. 1, 2019	140000
Jan. 1, 2020	140000
Jan. 1, 2021	140000
Jan. 1, 2022	140000			1400000