Business, 23.04.2021 16:00 constipatedcow18

On January 1 of this year, Ikuta Company issued a bond with a face value of $115,000 and a coupon rate of 4 percent. The bond matures in 3 years and pays interest every December 31. When the bond was issued, the annual market rate of interest was 5 percent. Ikuta uses the effective interest amortization method. (FV of $1, PV of $1. FVA of S1, and PVA of S1) (Use the appropriate factors) from the tables provided. Round your answers to whole dollars.) Required:
1. Complete a bond amortization schedule for all three years of the bond's life.
Date Cash Interest Interest Expense Amortization Book Value of Bond
Jan. 01, Year 1
Dec. 31. Year 1
Dec. 31. Year 2
Dec. 31, Year 3
2. What amounts will be reported on the income statement and balance sheet at the end of Year 1 and Year 2?
December 31 Year 1 Year 2
Interest expense
Bonds payable

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On January 1 of this year, Ikuta Company issued a bond with a face value of $115,000 and a coupon ra...