Legacy issues $660,000 of 5.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31, They are issued at $604,461 when the market rate is 8%. Required: 1. Prepare the January 1journal 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the January 1 Journal entry to record the bonds Issuance. View transaction list Journal entry worksheet Record the issue of bonds with a par value of 5660,000 on January 1 at an issue price of $604,461 Note Enter debits before credits Debit General Journal Date Credit RA Required 1 Required 2 Required 3 Required 4 Prepare the January 1 journal entry to record the bonds' issuance. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $660,000 on January 1 at an issue price of $604,461. Note: Enter debits before credits General Journal Date January 01 Debit Credit 660,000 604,461 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. Complete this question by entering your answers in the tabs below. 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 B payments of Par value at maturity Total repaid 0 Less amount borrowed Total bond interest expense $ 0 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Requted 3 Required 4 Prepare an effective interest amortization table for the bonds first two years. Cash Interest Paid Bond Interest Expense Discount Amortization Unamortized Discount Carrying Value Semiannual Interest Period-End 01/01/2019 06/30/2019 12/31/2019 06/30/2020 12/31/2020 Required 1 Required 2 Required 3 Required 4 Prepare the journal entries to record the first two interest payments. View transaction list Journal entry worksheet
