Spa, Inc. is authorized to issue $7\%,10-$year bonds payable. On January $1,2025,$ when the market interest rate is $12\%,$ the company issues $$1,000,000$ of the bonds. The bonds pay interest semiannually.

Read the requirements.

View the Present Value of $$1$ table.

View the Future Value of $$1$ table.

View the Present Value of Ordinary Annuity of $$1$ table.

View the Future Value of Ordinary Annuity of $$1$ table.

Requirement $1.$ How much cash did the company receive upon issuance of the bonds payable? $($Round to the nearest dollar.$)$

Upon issuance of the bonds payable, the company received

Requirement $2.$ Prepare an amortization table for the bonds using the effective$-$interest method, through the first two interest payments. $($Round to the nearest dollar.$)$

$\backslash$table$[[,$Interest,$\backslash$table$[[$Carrying$],[$Amount$]]],[,$Cash Paid,Expense,Amortized$],[01/01/2025],[\frac{06}{30}\frac{?}{2025}$