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On June 30, 2018, the market interest rate is 7%. Champ Corporation issues S800,000 of 11%, 15-year bonds payable. The bonds pay interest on June 30 and December 31. The company amortizes bond premium using the effective-Interest method. Requirement 1. Use the PV function in Excel to calculate the issue price of the bonds. (Round your answer to the nearest whole dollar.) The issue price of the bonds is $ Requirement 2. Prepare an amortization table for the first four semiannual interest periods. Enter the issue date information, then complete the table for each of the following serniannual interest periods. (Round your answers to the nearest whole dollar.) Champ Corporation Amortization Table Interest Premium Expense Amortization Serniannual Bond Carrying Interest Payment Premium Account Balance Amount Interest Period Jun 30, 2018 Dec 31, 2018 Jun 30, 2019 Dec 31, 2019 Jun 30, 2020 Requirement 3. Record the issuance of bonds payable on June 30, 2018; the payment of interest on December 31, 2018; and the payment entries. interest on June 30, 2019. (Record debits first, then credits. Exclude explanations from all journal Start by recording the issuance of the bonds on June 30, 2018. Journal Entry Date Accounts Debit Credit Jun 30, 2018 Choose from any list or enter any number in the input fields and then continue to the next question. On June 30, 2018, the market interest rate is 7%. Champ Corporation issues $800,000 of 11%, 15-year bonds payable. The bonds pay interest on June 30 and December 31. The company amortizes bond premium using the effective-interest method Read the requirements Journal Entry Accounts Debit Credit Date Jun 30, 2018 II 1 Record the semiannual interest payment on December 31, 2018. Journal Entry Date Accounts Dec 31, 2018 Debit Credit Record the semiannual interest payment on June 30, 2019 Journal Entry Accounts Debit Credit Date Jun 30, 2019