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 $$

Requirements

Use the PV function in Excel to calculate the issue price of the bonds.

Prepare a bond amortization table for the first year of the bonds.

Record the issuance of the bonds payable on December $31,2021$; the first semiannual interest payment on June $30,2022$; and the second payment on December $31,2022$