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I actually only need help on number 2. Thank you so much! Ellis Company issues 9.0%, five-year bonds dated January 1, 2019, with a $550,000
I actually only need help on number 2. Thank you so much!
Ellis Company issues 9.0%, five-year bonds dated January 1, 2019, with a $550,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $572,305. The annual market rate is 8% on the issue date. Required: 1. Complete the below table to calculate the total bond interest expense over the bonds' life. 2. Prepare a straight-line amortization table for the bonds' life. 3. Prepare the journal entries to record the first two interest payments. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a straight-line amortization table for the bonds' life. Semiannual Period-End Unamortized Premium Carrying Value 01/01/2019 S 20,074 X 06/30/2019 17,844 X 12/31/2019 15,613 x 06/30/2020 13,383 x -2,230 12/31/2020 8,922 x -6,691 06/30/2021 6,691 x -8,922 12/31/2021 4,461 x -11,152 06/30/2022 2,230 x -13,383 12/31/2022 0 X 06/30/2023 12/31/2023Step by Step Solution
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