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1 Ellis Company issues 7.5% , five-year bonds dated January 1, 2021, with a $590,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $627,746. The annual market rate is 6% on the issue date. Required: 1. Calculate the total bond interest expense over the bonds' life. 2. Prepare a straight-lin amortization table for the bonds' life. 3. Prepare the journal entries to record the first two interest payments. Required 1 Required 2 Required 3 Calculate the total bond interest expense 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 Company issues 75%, five-year bonds dated January 1,2021 , with a $590,000 par value. The bonds pay interest on June 30 and December 3 and are issued ot o price of $627,746. The onnual market rote is 6% on the issue date. Required: 1. Caiculate the total bond interest expense over the bonds' life 2. Prepare a straight-line amortization table for the bonds' life 3. Prepare the journal entries to record the first two interest payments Complete this question by entering your answers in the tabs below. Calculate the total bond interest expense over the bonds' life