Stanford issues bonds dated January 1, 2021, with a par value of $249,000. 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 12%, and the bonds are sold for $236,765.

1. What is the amount of the discount on these bonds at issuance?
2. How much total bond interest expense will be recognized over the life of these bonds?
3. Prepare an effective interest amortization table for these bonds.

\begin{tabular}{|l|l|} \hline \multicolumn{2}{|l|}{ Total Bond Interest Expense Over Life of Bonds: } \\ \hline \multicolumn{1}{|c|}{ Amount repaid: } \\ \hline \multicolumn{1}{|c|}{ Par value at maturity } & \\ \hline Total repaid & \\ \hline Less amount borrowed & \\ \hline Total bond interest expense & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline SemiannualInterestPeriod-End & CashInterestPaid & BondInterestExpense & DiscountAmortization & UnamortizedDiscount & CarryingValue \\ \hline 01/01/2021 & & & & & \\ \hline 06/30/2021 & & & & & \\ \hline 12/31/2021 & & & & & \\ \hline 06/30/2022 & & & & & \\ \hline 12/31/2022 & & & & & \\ \hline 06/30/2023 & & & & \\ \hline 12/31/2023 & & & & \\ \hline Total & & & & \\ \hline \end{tabular}