Legacy ISsues $590,000 of 7.5% , four -year bonds dated January 1, 2017, that pay Interest semiannually on June 30 and December 31. They are Issued at $542,310 and their market rate Is 10% at the Issue date. Required: 1. Prepare the January 1, 2017, journal entry to record the bonds' issuance. 2. Complete the below table to calculate the total bond Interest expense to be recogntzed over the bonds' life. 3. Prepare an effective Interest amortization table for the bonds' first two years. 4. Prepare the journal entries to record the first two interest payments. View transaction list Journal entry worksheet > Record the issue of bonds with a par value of $590,000 cash on January 1, 2017 at an issue price of $542,310. Note: Enter debits before credits. es Date General Journal Debit Credit Jan 01, 2017 View general joumat Clear entry Record entry Required 2 Required 1 Required 2 Required 3 Required 4 Complete the below table to calculate 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 Total repaid Less amount borrowed Total bond interest expense KRequired 1 Required 3 > ng your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare an effective interest amortization table for the bonds' first two years. Semiannual Interest Period-End es Cash Interest Paid Bond Interest Discount Amortization Unamortized Discount Carrying Value Expense 01/01/2017 06/30/2017 12/31/2017 06/30/2018 12/31/2018 K Required 2 Required 4 > Complete this question by entering your answers in the tabs below. ook Required 1 Required 2 Required 3 Required 4 Ask Prepare the journal entries to record the first two interest payments. rint rences View transaction list > 1Record the first interest payment on June 30, 2017 Record the second interest payment on December 31, 2 2017. Credit K Prev 3 of 3 tion Type here to search X