20 points 1 eBook P References Problem 14-8A Bond premium amortization and finding the present value of remaining cash flows LO6 Calculations Marketing Inc. issued 10.5% bonds with a par value of $430,000 and a five-year life on January 1, 2020, for $438.301. The bonds pay interest on June 30 and December 31. The market interest rate was 10% on the original issue date. Use IABLE 14A1 and TABLE 14A.2. (Use appropriate factor(s) from the tables provided.) Required: 1. Calculate the total bond interest expense over the life of the bonds. Total interest supune 2. Prepare an amortization table using the effective interest method. (Do not round intermediate calculations. Round the final answers to the nearest whole doller.) Unamortized premium Period Ending Cash Interest Paid Period Interest Premium Amort Expense Jan 1/20 or $ or s 0 $ June 3020 Dec 31/20 June 3021 Dec 31211 June 30/22 Carrying Value 05 438.301 2. Prepare an amortization table using the effective interest method. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) Period Ending Cash Interest Paid Period Interest Premium Amort Unamortized premium Carrying Value Expense Jan. 1/20 $ 0$ 0$ 0$ 438,301 June 30/20 Dec. 31/20 June 30/21 Dec. 31/21 June 30/22 Dec. 31/22 June 30/23 Dec 31/23 June 30/24 Dec. 31/24 0 Totals $ 0 $ 0 $ 20 points 1 3. Show the journal entries that Calculations Marketing Inc. would make to record the first two interest payments assuming a December 31 year-end. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list Journal entry worksheet etlook Print Record the six months' Interest and premium amortization. References Note: Enter debits before credits. Date June 30, 2020 General Journal Debit Credit Record entry Clear entry View general journal 4. Use the original market interest rate to calculate the present value of the remaining cash flows for these bonds as of December 31, 2022. Compare your answer with the amount shown on the amortization table as the balance for that date. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) Present value of the remaining cash flows