Team Ltd$.$ is authorized to issue $$2,000,000$ of $3\%,10-$year bonds payable. On December $31,2021,$ when the market interest rate is $7\%,$ the company issues $$1,600,000$ of the bonds. Team amortizes bond discount using the effective$-$interest method. The semiannual interest dates are June $30$ and December $31.$

Read the requirements.

Requirement $1.$ Use the PV function in Excel to calculate the issue price of the bonds. $($Round your answer to the nearest whole dollar.$)$

The issue price of the bonds is $$1,145,203$

Requirement $2.$ Prepare a bond amortization table for the first year of the bonds. $($Round your answers to the nearest whole dollar.$)$

$\backslash$table$[[,,$Am$,$td$.,,],[$Semiannual$,$Interest,Interest,Discount,Discount Account,Bond Carrying$],[$Interest Date,Payment,Expense,Amortization,Balance,Amount$]]$