Ike issues $180,000 of 11%, three-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $184,566 when the market rate is 10%. Required 1. Prepare the January 1 journal entry to record the bonds' issuance. 2. Determine the total bond interest expense to be recognized over the bonds' life. 3. Prepare an effective interest amortization table like Exhibit 14B.2 for the bonds' first two years. Check (3) 6/30/2022 carrying value, $182,448 4. Prepare the journal entries to record the first two interest payments.

Ike issues $180,000 of 11%, three-year bonds dated January 1,2021 , that pay interest semiannually on June 30 and December 31 . They are issued at $184,566 when the market rate is 10%. Required 1. Prepare the January 1 journal entry to record the bonds' issuance. 2. Determine the total bond interest expense to be recognized over the bonds' life. 3. Prepare an effective interest amortization table like 5 Exhibit 14B.2 for the bonds' first two years. Check (9) 6ra0/2022 carrying value. $182.448 4. Prepare the journal entries to record the first two interest payments