Problem 10-3A (Algo) Straight-Line: Amortization of bond premium LO P3 Ellis Company issues 8.5%, five-year bonds dated January 1, 2020, with a $490,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $542.247. 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-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. Required 1 Required 2 Required Calculate the total bond interest expense over the bonds we Total bond interest expense over life of bonds Amount repaid payments of Pal value at maturity Totalrepaid Les amount borrowed Total bond interest expenso Required 2 > Prey 1 of 4 !!! Next > Required: 1. Calculate 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. Required 1 Required 2 Required 3 Prepare a straight-line amortization table for the bonds' life. (Round your intermediate and final answers to the nearest whole dollar) Carrying Value Semiannual Period- Unamortized End Premium 01/01/2020 06/30/2020 12/31/2020 06/30/2021 12/31/2021 06/30/2022 12/31/2022 06/30/2023 12/31/2023 06/30/2024 View transaction list Journal entry worksheet >