Legacy issues $325,000 of 5 %, four-year bonds dated January 1, 2017, that pay interest semiannually December 31. They are issued at $292,181 and their market rate is 8% at the issue date. on June 30 and 2 Determine the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid: payments of Par value at maturity 325,000 Total repaid 325,000 Less amount borrowed 292,181 Total bond interest expense 32,819 4. Prepare the journal entries to record the first two interest payments. Answer is not complete. No Date General Journal Debit Credit Bond interest expense 1 Jun 30, 2017 Discount on bonds payable Cash 8,125 2 Dec 31, 2017 Bond interest expense Discount on bonds payable Cash 8,125