Ellis Company issues $6\mathrm{.}5\%,$ 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:Compute the total bond interest expense over the bonds' life.Prepare an effective interest amortization table for the bonds' life.Prepare the journal entries to record the first two interest payments.