Legacy issues $640,000 of 8.5%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $570,443 when the market rate is 12%. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2. Complete the below table to calculate the total bond interest expense to be recognized 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. Semiannual Interest Period-End 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 Cash Interest Paid Bond Interest Expense Discount Amortization $ Unamortized Discount Carrying Value 69,557 $ 570,443 Prepare the journal entries to record the first two interest payments. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 June 30 Bond interest expense Discount on bonds payable Cash 2 December 31 Bond interest expense < Required Required 4 Discount on bonds payable Cash