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%. 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.

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 1 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 Debit Credit Date January 01 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 0 $ 0 Required 1 Required 2 Required 3 Required 4 Prepare an effective interest amortization table for the bonds' first two years. Cash Interest Bond Interest Paid 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 Record the first interest payment on June 30. Note: Enter debits before credits. General Journal Debit Credit Date June 30