As the controller of Lynbrook, Inc., you have been asked to evaluate a potential bond issuance to raise funds to expend the companys operations. Lynbrook is considering issuing a $10 million, 15-year, 5 percent bonds payable on January 1, 2021. Interest would be payable semiannually on June 30 and December 31. Bond discounts and premiums would be amortized at each interest payment date using the straight-line method. The bonds would be issued at a price of $11,120,125. The company's fiscal year end is December 31

. Required 1. Prepare the January 1, 2021, journal entry to record the bonds' issuance. 2. For each semiannual period, compute (a) the cash payment, (b) the straight-line discount amortization, and (c) the bond interest expense. 3. Determine the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two interest payments of an amortization table (see text example) using the straight-line method. 5. Prepare the journal entries to record the first two interest payments.