Bonds payable are dated January 1,2016 , and are issued on that date. The face value of the bonds is $200,000, and the face rate of interest is 8%. The bonds pay interest semiannually. The bonds will mature in five years. The market rate of interest at the time of issuance was 6%. Use the appropriate present or future value table: FV of $1,PV of $1, FV of Annuity of $1 and PV of Annuity of $1 1. What is the bond issuance price? Round your answers to two decimal places. X 2. Using the effective interest amortization method, what amount should be amortized for the first six-month period? What amount of interest expense should be reported for the first six-month period? Round your answers to two decimal places. Amount amortized Amount of interest expense $$xx 3. Using the effective interest amortization method, what amount should be amortized for the period from July 1 to December 31 , 2016 ? What amount of interest expense should be reported for the period from July 1 to December 31, 2016? Round your answers to two decimal places. Amount amortized Amount of interest expense $$XX 
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