accounting-Build an Excel spreadsheet for a $1,000,000, 6% 5-year bond with interest payments

QUESTION

Build an Excel spreadsheet for a $1,000,000, 6% 5-year bond with interest payments every 6 months. Market interest rate is 5%. Include the following items:Inputs:Bond issue amountStated Interest RateMaturity in YearsNumber of payments/yearMarket interest rateCalculations section 1:Fair value with separate calculations for interest and principalDiscount or premiumRecord the journal entry required when the bonds are issued.Calculations Section 2:Amortization schedule for each interest payment. Use the general ledger accounts of cash, discount or premium, bonds payable and interest expense.Set up the spreadsheet consistent with journal entries necessary to record each interest payment and related amortization. Also show the remaining principal and discount/premium at each interest payment. NOTE: At the end of the loan term, the discount/premium account should be zero.

ANSWER:

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