Legacy issues $$730,000$ of $7\mathrm{.}0\%,$ four$-$year bonds dated January $1,2021,$ that pay interest semiannually on June $30$ and December $31.$ They are issued at $$659,199$ when the market rate is $10\%.$

Required:

Prepare the January $1$ journal entry to record the bonds' issuance.

Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life.

Prepare an effective interest amortization table for the bonds' first two years.

Prepare the journal entries to record the first two interest payments., Prepare an effective interest amortization table for the bonds' first two years.

Note: Round your intermediate and final answers to the nearest whole dollar.

Semiannual Interest Period$-$End Cash Interest Paid Bond Interest Expense Discount Amortization Unamortized Discount Carrying Value

$01/01/2021$ $$70,801$selected answer correct $$659,199$selected answer correct

$06/30/2021$ $$25,550$selected answer correct $$45,855$selected answer incorrect $$21,370$selected answer incorrect $49,431$selected answer incorrect $680,631$selected answer incorrect

$12/31/202125,550$selected answer correct $46,686$selected answer incorrect $21,914$selected answer incorrect $27,517$selected answer incorrect $707,114$selected answer incorrect

$06/30/202225,550$selected answer correct $47,060$selected answer incorrect $21,490$selected answer incorrect $6,027$selected answer incorrect $728,604$

$12/31/202225,550$selected answer correct $47,260$selected answer incorrect $21,290$selected answer incorrect $737$selected answer incorrect $749,894$