The notes to the Helpful Ltd. financial statements reported the following data on December 31, Year 1, (end of the fiscal year): (I got stuck on this problem :p)

Requirements I. Assume the market interest rate is 5% on January 1 of year 1, the date the bonds are issued. a. Using the PV function in Excel, what is the issue price of the bonds? b. What is the maturity value of the bonds? c. What is Helpful's annual cash interest payment on the bonds? d. What is the carrying amount of the bonds at December 31, year 1? Prepare an amortization table through December 31, Year 4 for the bonds. (Round all amounts to the nearest dollar.) How much is Helpful's interest expense on the bonds for the year ended December 31, Year 4? 2. 3. Show how Helpful would report these bonds and notes at December 31, Year 4. Print Done Data Table Note 6. Indebtedness Bonds payable, 3% due on December 31, Year 8 . . . . . Less: Discount Notes payable, 6%, payable in $55,000 annual $5,000,000 installments starting in Year 5 330,000 Print Done %) P963A (similar to) Question Help * The notes to the Helpful Ltd. financial statements reported the following data on December 31, Year1 (end of the fiscal year): (Click the icon to view the financial statement data.) Helpful amortizes bond discounts using the effective-interest method and pays all interest amounts at December 31 Read the requirements Requirement 1, Assume the market interest rate is 5% on January 1 of year 1 , the date the bonds are issued. (Round your answers to the nearest whole dollar.) a. Using the PV function in Excefb, what is the issue price of the bonds? The issue price of the bonds is s 4,353,679 b. What is the maturity value of the bonds? The maturity value of the bonds is $ c. What is Helpful's annual cash interest payment on the bonds? The annual cash interest payment is 150,000 d. What is the carrying amount of the bonds at December 31, year 1? The carrying amount of the bonds at December 31, Year 1 is S Requirement 2. Prepare an amortization table through December 31, Year 4 for the bonds. (Round all amounts to the nearest dollar.) How much is Helpful's interest expense on the bonds for the year ended 5,000,000 4,421,363 December 31, Year 4? Begin by preparing the amortization table through December 31, Year 4 for the bonds. (Round your answer to the nearest whole dollar.) Helpful Ltd. Amortization Table Enter any number in the edit fields and then click Check Answer. parts remaining Clear All Check