Calculations Marketing Inc. issued 9.5% bonds with a par value of $470,000 and a five-year life on January 1, 2017, for $498,591. The bonds pay interest on June 30 and December 31 . The market interest rate was 8% on the original issue date. (Use TABLE 14A.1 and TABLE 14A.2.) Required: 1. Calculate the total bond interest expense over the life of the bonds Total interest expense 2. Prepare an amortization table using the effective interest methoo Period Interest Expense Period Cash Interest Premium Unamortized Carrying premiumm Paid Value Ending Jan. 1/17 June 30/17 Dec. 31/17 June 30/18 Dec. 31/18 June 30/19 Dec. 31/19 June 30/20 Dec. 31/20 June 30/21 Dec. 31/21 Totals Amort. 3. Show the journal entries that Calculations Marketing Inc. would make to record the first two interest payments assuming a December 31 year-end. View transaction list Journal entry worksheet 2 Record the six months' interest and premium amortization Note: Enter debits before credits. Date General Journal Debit Credit June 30, 2017 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, 2019. Compare your answer with the amount shown on the amortization table as the balance for that date. (Use appropriate factor(s) from the tables provided.) Present value of the remaining cash flows