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 5%, 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 Requirement 2. Prepare a bond amortization tab for the first year of the bonds. (Round your answers to the nearest whole dollar.) Semiannual Interest Interest Team Ltd. Amortization Table. Discount Discount Account Rond Carving Requirements 1. Use the PV function in Excel to calculate the issue price of the bonds. 2. Prepare a bond amortization table for the first year of the bonds. 3. 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. - X Requirement 2. Prepare a bond amortization table for the first year of the bonds. (Round your answers to the nearest whole dollar.) Team Ltd. Amortization Table Semiannual Interest Date Interest Payment Interest Expense Discount Amortization Discount Account Bond Carrying Balance Amount Dec 31, 2021 Jun 30, 2022 Team Ltd. Amortization Table Semiannual Interest Interest Interest Date Payment Expense Dec 31, 2021 Jun 30, 2022 Dec 31, 2022 Discount Amortization Discount Account Bond Carrying Balance Amount 4 Requirement 3. 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. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by recording the issuance of the bonds on December 31, 2021. Date Dec 31 Journal Entry Accounts Debit Credit