Legacy issues $660,000 of 5.5%, four-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. They are issued at $604,461 and their market rate is 8% 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 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 1Required 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 Ellis issues 6.5%, five-year bonds dated January 1, 2017, with a $460,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $469,812. The annual market rate is 6% on the issue date. (Table B1, Table B 2, Table B 3, and Table B 4) (Use appropriate factor(s) from the tables provided.) Required 1. Compute the total bond interest expense over the bonds' life. 2. Prepare an effective interest amortization table for the bonds life. 3. Prepare the journal entries to record the first two interest payments. 4. Use the market rate at issuance to compute the present value of the remaining cash flows for these bonds as of December 31, 2019. Complete this question by entering your answers in the tabs Required 1 Required 2 Required 3Required 4 Use the market rate at issuance to compute the present value of the remaining cash flows for these bonds as of December 31, 2019. (Round table values to 4 decimal places, and use rounded values in all calculations.) Table values are based orn AmountPresent Value Table Value Cash Flow Par (maturity) value Interest (annuity) Price of bonds