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Upload an Excel document answering the following question in proper format for the amortization table 5% On January 1, 2021. Piper Co. issued ten-year bonds
Upload an Excel document answering the following question in proper format for the amortization table 5% On January 1, 2021. Piper Co. issued ten-year bonds with a face value of $5,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31 The bonds were sold to yield 12%. Table values are: Present value of 1 for 10 periods at 10% .386 Present value of 1 for 10 periods at 12% 322 Present value of 1 for 20 periods at 377 Present value of 1 for 20 periods at 6% .312 Present value of annuity for 10 periods at 10% 6.145 Present value of annuity for 10 periods at 12% 5.650 Present value of annuity for 20 periods at 5% 12.462 Present value of annuity for 20 periods at 6% 11.470 I Instructions (a) Calculate the issue price of the bonds (b) Assume that the issue price was $4,420,000. Prepare the amortization table for 2021, assuming that amortization is recorded on interest payment dates using the effective interest method
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