Ellis Company issues 70%, five-year bonds dated January 1, 2019, with a $580,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $604,741. The annual market rate is 6% on the issue date.

Required:

1.Compute the total bond interest expense over the bonds life.

2. Prepare an effective interest amortization table for the bonds life

3. Prepare the journal entries to record the first two interest payments.

i added the wrong question in text. the correct question is in the photos. please use that info to answer.

Legacy issues $660,000 of 5.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31 They are issued at $604,461 when the market rate is 8%. Required: 1. Prepare the January 1journal entry to record the bonds' issuance. 2. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life 3. Prepare an effective interest amortization table for the bonds' first two years. 4. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the January 1 journal entry to record the bonds issuance. View transactions View journal entry worksheet No Date Credit 1 January 01 General Journal Discount on bonds payable Cash Bonds payable Debit 55,539 604.461 660,000 Required 2 > Legacy issues $660,000 of 5,5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31 They are issued at $604,461 when the market rate is 8% Required: 1. Prepare the January 1journal entry to record the bonds'issuance. 2. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 3. Prepare an effective interest amortization table for the bonds' first two years. 4. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds Amount repaid a payments of Par value at matunty Totalread Less amount borrowed Total bond intereste pense 660.000 660.000 300.000