Problem: Premiere Auto-parts Inc. issued $190,000 of 7%, 10-year bonds at a price of 83 on January 31, 2017. The market interest rate at the date of issuance was 9%, and the standard bonds pay interest semi-annually.
A) Prepare an effective-interest amortization table for the bonds through the first three interest payments.
B) Record Premiere's issuance of the bonds on January 31, 2017, and payment of the first semi-annual interest amount and amortization of the bonds on July 31, 2017. Explanations are not required.
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