Using the hypothetical bond example provided below, create an effective interest amortization table in Excel for the entire life of the bond using the following columns: payment number, payment date, beginning carrying value, effective interest rate, interest expense, cash (interest) paid, discount/premium on bond payable (amortization amount), and ending carrying value. (use normal Excel calculations and formulas)

Hypothetical example:

• $10,000,000, 4% bond
• Issued on 1/1/14
• Matures in 10 years
• Semiannual interest payments on 6/30 and 12/31 of each year
• Market rate for bonds of this type was 6% at the time of their issue