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17) Legacy issues $680,000 of 6.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $603,061 when the market rate is 10%. Required: 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. Record the issue of bonds with a par value of $680,000 on January 1 at an issue price of $603,061. Note: Enter debits before credits. General Journal Debit Credit Date January 01 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 Prepare an effective interest amortization table for the bonds' first two years. Unamortized Discount Carrying Value Semiannual Cash Interest Bond Interest Discount Interest Period-End Paid Expense Amortization 01/01/2019 06/30/2019 12/31/2019 06/30/2020 12/31/2020 Record the first interest payment on June 30. Note: Enter debits before credits. General Journal Debit Credit Date June 30 Ellis Company issues 8.5%, five-year bonds dated January 1, 2019, with a $420,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $464,786. The annual market rate is 6% on the issue date 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. Required 1 Required 2 Required 3 Compute 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 0 Less amount borrowed Total bond interest expense 0 Carrying Value Prepare an effective interest amortization table for the bonds" life. Semiannual Period- Cash Interest Bond Interest Premium Unamortized End Paid Expense Amortization Premium 01/01/2019 06/30/2019 12/31/2019 06/30/2020 12/31/2020 06/30/2021 12/31/2021 06/30/2022 12/31/2022 06/30/2023 12/31/2023 Total Record the first interest payment on June 30, 2019. Note: Enter debits before credits. General Journal Debit Credit Date Jun 30, 2019