Legacy issues $550,000 of 9.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $507,301 when the market rate is 12% Problem 10-4A Part 1 Required: 1. Prepare the January tjournal entry to record the bonds issuance. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $550,000 on January 1, 2019 at an issue price of $507,301. Note: Enter debits before credits General Journal Debit Credit Date January 01 Legacy issues $550,000 of 9.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31 They are issued at $507,301 when the market rate is 12%. Problem 10-4A Part 2 2. Determine the total bond interest expense to be recognized over the bonds life. Total bond interest expense over lite of bonds: Amount repaid payments of Par value at maturity Total repaid Less amount borrowed Total bond interest expense 0 $ 0 Legacy Issues $550,000 of 9.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $507,301 when the market rate is 12% Problem 10-4A Part 3 3. Prepare a straight-line amortization table for the bonds' first two years. Carrying Value Semiannual Period: Unamortixed End Discount 01/01/2019 06/30/2019 12/31/2019 06/30/2020 12/31/2020 Legacy issues $550,000 of 9.5%, four-year bonds dated January 1, 2019 that pay interest semiannually on June 30 and December 31. They are issued at $507,301 when the market rate is 12%. Problem 10-4A Part 4 4. Prepare the journal entries to record the first two interest payments View transaction list Journal entry worksheet 1 2 Record the interest payment and amortization on June 30, Note: Enter debits before credits Date General Journal Debit Credit June 30 Legacy issues $550,000 of 9.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $507,301 when the market rate is 12% Problem 10-4A Part 4 4. Prepare the journal entries to record the first two interest payments. View transaction list Journal entry worksheet