Silver Company issues bonds payable on January $1,2023.$ Here are the details:

stated interest rate $=4\%$; market interest rate will vary, below

principal $($face value$)=$ $$50,000,000$; maturity date: December $31,2026$

the bonds go for $?$ years; interest is paid once a year, at the end of the year

A$.$ Assume the Market Interest Rate is $3\%$

$(1)$ Compute the present value of the cash flows, which is the same as the issue price for the bonds payable And show each cash flow separately, then add together

$(2)$ Prepare an amortization for the life of the bonds.

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