Problem $14-4$A Straight$-$Line: Amortization of bond discount $P2$

Legacy issues $$325,000$ of $5\%,$ four$-$year bonds dated January $1,2019,$ that pay interest semiannually on June $30$ and December $31.$ They are issued at $$292,181$ when the market rate is $8\%.$

Required

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

Determine the total bond interest expense to be recognized over the bonds' life.

Check $(2)$ $$97,819$

Prepare a straight$-$line amortization table like the one in Exhibit $14\mathrm{.}7$ for the bonds' first two years.

$(3)12/31/2020$ carrying value, $$308,589$

Prepare the journal entries to record the first two interest payments.