WinnerWinner Ltd. is authorized to issue $3,000,000 of 11%, 10-year bonds payable. On December 31, 2014, when the market interest rate is 88%, the company issues $2,400,000 of the bonds. Winner Ltd. amortizes bond discount by the effective-interest method. The semiannual interest dates are June 30 and December 31.

WinnerWinner Ltd. is authorized to issue $ 3 comma 000 comma 000$3,000,000 of 11%, 1010-year bonds payable. On December 31, 20142014, when the market interest rate is 88%, the company issues $ 2 comma 400 comma 000$2,400,000 of the bonds. WinnerWinner Ltd. amortizes bond discount by the effective-interest method. The semiannual interest dates are June 30 and December 31. Requirements 1. Use the PV function in Excel Superscript Excel to calculate the issue price of the bonds. 2. Prepare a bond amortization table for the first year of the bonds. 3. Record issuance of bonds payable on December 31, 2014; the first semiannual interest payment on June 30, 2015; and the second payment on December 31, 2015.