Ch14 Homework Problems i 10 Saved Help Save & Exit Submit 6 Check my work 10 points eBook Ellis Company issues 6.5%, five-year bonds dated January 1, 2021, with a $250,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $255,333. The annual market rate is 6% on the issue date. Required: 1. Calculate the total bond interest expense over the bonds' life. 2. Prepare a straight-line amortization table for the bonds' life. 3. Prepare the journal entries to record the first two interest payments. Ask References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the total bond interest expense over the bonds' life. Total bond interest expense over life of bonds: Amount repaid: Total repaid payments of Par value at maturity 0 Less amount borrowed Total bond interest expense Required 1 0 Required 2 > Required 1 Required 2 Required 3 Prepare a straight-line amortization table for the bonds' life. (Round your intermediate and final answers to the nearest whole dollar.) Semiannual Interest Unamortized Period-End 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 06/30/2023 12/31/2023 06/30/2024 12/31/2024 06/30/2025 12/31/2025 Carrying Value Premium Journal entry worksheet 1 2 Record the first interest payment on June 30. Note: Enter debits before credits. Date June 30 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 Record the second interest payment on December 31. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal