Swifty Company sells 10% bonds having a maturity value of $1,300,000 for $1,206,280. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is payable annually on January 1.

Swifty Company sells 10% bonds having a maturity value of $1,300,000 for $1,206,280. 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. (Round answers to 0 decimal places, e.g. 38,548.) Schedule of Discount Amortization Straight-Line Method Cash Discount Carrying Interest Expense Amortized Amount of Bonds Year Jan. 1, 2017 Jan. 1, 2018 Jan. 1, 2019 Jan. 1, 2020 Jan. 1, 2021 Jan. 1, 2022