Cumming Corp. issues a $6,300,000, 5% bond on 1 April

Cumming Corp. issues a $6,300,000, 5% bond on 1 April 20X3. At this time, market interest rates are in the range of 6%. The bond had a 10-year life from 1 April 20X3, and paid interest semi-annually on 31 March and 30 September. (PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.)

Required:

1. Calculate the proceeds that would be raised on bond issuance. (Round time value factor to 5 decimal places. Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.)

2. Prepare an amortization table using the straight-line method of amortization. Complete the first four payments only. (Round your answers to the nearest whole dollar amount.)