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Mercer Corporation acquired $400,000 of Park Companys bonds on June 30, 2018, for $409,991.12. The bonds carry a 12% stated interest rate and pay interest semiannually on June 30 and December 31. The appropriate market interest rate is 11%, and the bonds are due June 30, 2021.

Required:

1.	Prepare an investment interest income and premium amortization schedule, using the:
a.	straight-line method
b.	effective interest method

Please help me fill in the blanks. The answers from other posts weren't 100% correct.

Prepare an investment interest income and premium amortization schedule, using the straight-line method. Additional Instructions Score: 76/100 MERCER CORPORATION Bond Investment Interest Income and Premium Amortization Schedule Straight-Line Method Investment in Carrying Value of Interest Income Date Cash Debit Debt Securities Debt Securities Credit Credit 06/30/18 $409,991.12 7 12/31/18 $24,000.00 $1,665.19 $22,334.81 408,325.93 06/30/19 24,000.00 1,665.19 22,334.81 406,660.75 4 24,000.00 12/31/19 1,665.19 22,334.81 404,995.56 5 22,334.81 06/30/20 24,000.00 1,665.19 403,330.37 6 12/31/20 1,665.19 22,334.81 401,665.19 24,000.00 7 1,665.19 400,000.00 06/30/21 24,000.00 0.00 Check My Work Prepare an investment interest income and premium amortization schedule, using the effective interest method. Additional Instructions Score: 44/100 MERCER CORPORATION Bond Investment Interest Income and Premium Amortization Schedule Effective Interest Method Investment in Carrying Value of Interest Income Cash Debit Date Debt Securities 1 Credit Debt Securities Credit 06/30/18 $409,991.12 7 12/31/18 $24,000.00 $1,450.49 $22,549.51 408,540.63 24,000.00 407,010.37 06/30/19 1,530.27 22,469.73 4 24,000.00 12/31/19 1,614.43 22,385.57 405,395.94 5 24,000.00 22,296.78 403,692.71 06/30/20 1,703.22 24,000.00 401,895.81 12/31/20 1,796.90 22,203.10 7 24,000.00 22,104.19 400,000.00 06/30/21 1,895.81 Check My Work

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