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Problem 14-4A (Algo) Straight-Line: Amortization of bond discount LO P2 [The following information applies to the questions displayed below.] Legacy issues $700,000 of 7.5%, four-year bonds dated January 1,2021 , that pay interest semiannually on June 30 and December 31 . They are issued at $643,419 when the market rate is 10%. Problem 14-4A (Algo) Part 1 Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. Journal entry worksheet Record the issue of bonds with a par value of $700,000 on January 1,2021 at an issue price of $643,419. Note: Enter debits before credits. Problem 14-4A (Algo) Straight-Line: Amortization of bond discount LO P2 [The following information applies to the questions displayed below.] Legacy issues $700,000 of 7.5%, four-year bonds dated January 1,2021 , that pay interest semiannually on June 30 and December 31 . They are issued at $643,419 when the market rate is 10%, Problem 14-4A (Algo) Part 2 2. Determine the total bond interest expense to be recognized over the bonds' life. Required information Problem 14-4A (Algo) Straight-Line: Amortization of bond discount LO P2 [The following information applies to the questions displayed below.] Legacy issues $700,000 of 7.5%, four-year bonds dated January 1,2021 , that pay interest semiannually on June 30 and December 31 , They are issued at $643,419 when the market rate is 10%. Problem 14-4A (Algo) Part 3 . Prepare a straight-line amortization table for the bonds' first two years. (Round your intermediate and final answers to the nearest whole dollar.)