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Ellis issues 8.0%, five-year bonds dated January 1 2017, with a $600,000 par value. The bonds pay interest on June 30 and December 31 and

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Ellis issues 8.0%, five-year bonds dated January 1 2017, with a $600,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $651,185. The annual market rate is 6% on the issue date. (Table B.1. Table B2. Table B.3, and Table 8.4) (Use appropriate factor(s) from the tables provided.) 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 4. Use the market rate at issuance to compute the present value of the remaining cash flows for these bonds as of December 31, 2019 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 4 Prepare an effective interest amortization table for the bonds' life Premium Amortization Semiannual Period Cash Interest Bond Interest End Paid Expense 01/01/2017 06/30/2017 12/31/2017 06/30/2018 Unamortized Premium Carrying Value $ 51 185 s 651 1851 Required 1 Required 2 Required 3 Required 4 Prepare an effective interest amortization table for the bonds' life. Premium Amortization Unamnortired Premium Carrying Value 51.185 $ 651.185 Semiannual Period Cash Interest Bond Interest End Paid Expense 01/01/2017 06/30/2017 12/31/2017 06/30/2018 12/31/2018 06/30/2019 12/31/2019 06/30/2020 12/31/2020 06/30/2021 12/31/2021 Total Required 1 Required 3 > Required 1 Required 2 Required 3 Required 4 Prepare the journal entries to record the first two interest payments. View transaction list View journal entry worksheet No Date Debli Credit 1 Jun 30, 2017 General Journal Bond interest expenso Premium on bonds payable Cash 2 Dec 31, 2017 Bond interest expense Premium on bonds payable Cash Required 1 Required 2 Required 3 Required 4 Use the market rate at issuance to compute the present value of the remaining cash flows for these bonds as of December 31, 2019. (Round table values to 4 decimal places, and use rounded values in all calculations.) Table values are based on: n Table Value Cash Flow Present Value Amount Par (maturity) value Interest (annuity) Price of bonds

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