On January 1, 2018, a company issues 3-year bonds with a face value of $220,000 and a stated interest rate of 7%. Because the market interest rate is 5%, the company receives $231,981 for the bonds.Required:Fill in the table assuming the company uses effective-interest bond amortization. (Round your answers to the nearest whole dollar.)Period EndedCash PaidInterest ExpenseAmortized PremiumBonds PayablePremium on Bonds PayableCarrying Value????????????????????????????
What will be an ideal response?
| Period Ended | Cash Paid | Interest Expense | Amortized Premium | Bonds Payable | Premium on Bonds Payable | Carrying Value |
| 01/01/2018 | ? | ? | ? | $220,000? | $11,981? | $231,981? |
| 12/31/2018 | $15,400? | $11,599? | $3,801? | 220,000? | 8,180? | 228,180? |
| 12/31/2019 | 15,400? | 11,409? | 3,991? | 220,000? | 4,189? | 224,189? |
| 12/31/2019 | 15,400? | 11,209? | 4,191? | 220,000? | ? | 220,000? |
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