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Bonds Issued at a Discount (Effective Interest) Crafty Corporation received $755,341 of cash upon issuance...

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Bonds Issued at a Discount (Effective Interest) Crafty Corporation received $755,341 of cash upon issuance of 800, $1,000 par value bonds. Each bond has a stated rate of 5% and will mature on December 31, 2030, 7 years after the issuance of the bonds. Interest is paid annually on December 31. The market rate of interest is 6%. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answer in the question below. Open spreadsheet Required: Prepare the amortization table using the effective interest rate method. Note: Round interest expense to a dollar and round final year interest expense amount to complete the amortization. Crafty Corporation Amortization Table Discount on Bonds Cash Payment (Credit) Interest Expense (Debit) Discount on Bonds Payable (Credit) Period Payable Balance Carrying Value At issue 44,659 $ 755,341 12/31/24 40,000 45,320 5,320 12/31/25 40,000 12/31/26 40,000 12/31/27 40,000 12/31/28 40,000 12/31/29 40,000 12/31/30 40,000 800,000

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