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Debt Issued at a Discount (Straight Line) On January 1,2024, Drew Company issued...

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Accounting

Debt Issued at a Discount (Straight Line)
On January 1,2024, Drew Company issued 5-year bonds with a face value of $35,000,000 for $32,000,000. The stated rate of interest was 7% and interest is paid annually on December 31.
Required:
Prepare the amortization table for Drew Company's bonds. If an amount box does not require an entry, leave it blank and if the answer is zero, enter "0".
Drew Company
Amortization Table
\table[[Period,\table[[Cash],[Payment],[(Credit)]],\table[[Interest],[Expense],[(Debit)]],\table[[Discount on],[Bonds Payable],[(Credit)]],\table[[Discount on],[Bonds Payable],[Balance]],\table[[Carrying],[Value]]],[At issue,$,$,$,$,$
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