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Problem 10-3A (Algo) Straight-Line: Amortization of bond premium LO P3 Ellis Company issues 9.5%, five-year bonds doted January 1,2020, with a $560,000 par value. The
Problem 10-3A (Algo) Straight-Line: Amortization of bond premium LO P3 Ellis Company issues 9.5%, five-year bonds doted January 1,2020, with a $560,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $594.066. The annual matket rate is 8% on the issue date. Required: 1. Calculate the total bond imetest expense over the bonds' ' le. 2. Prepore o straight tine amortization table for the bonds' life. 3. Prepare the journal enfries to tecord the first two interest poyments. Complete this question by entering your answers in the tabs below. Prepse a wralght-line amortization table for the bonds' life. Note: hound your interenediate and final anwers to the nearest whole dollar
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