Ellis Company issues 7.5%, five-year bonds dated January 1, 2019, with a $520,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $553,271. 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.

Required 1 Required 2 Required 3 Prepare an effective interest amortization table for the bonds' life. Semiannual Period-End Cash Interest Paid Bond Interest Expense Premium Amortization Unamortized Premium Carrying Value 01/01/2019 $ 553,271 06/30/2019 $ 19,500 12/31/2019 19,500 06/30/2020 12/31/2020 06/30/2021 12/31/2021 06/30/2022 12/31/2022 06/30/2023 12/31/2023 Total Required 1 Required 3 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the journal entries to record the first two interest payments. No Date General Journal Debit Credit 1 Jun 30, 2019 Bond interest expense 16,598 Premium on bonds payable 2,902 Cash 19,500 2 Dec 31, 2019 Bond interest expense Premium on bonds payable Cash Required 2 Required 3