Ellis issues 9.5%, five-year bonds dated January 1, 2017, with a $400.000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $424,347. The annual market rate is 8% on the issue date. Table Bi Table 8.2. Table B3, 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. K Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the total bond Interest expense over the bonds' life. Total bond interest expense over life of bonds: Amount repaid 10 payments of Par value at maturity Total repaid Less amount borrowed Total bond interest expense $ 0 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 3 Required 4 Prepare an effective interest amortization table for the bonds' life. Premium Amortization Unamortized Premium Carrying Value 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 Prepare the journal entries to record the first two interest payments. View transaction list eBook Journal entry worksheet Print