Problem 10-3A Straight-Line: Amortization of bond premium LO P3 Ellis Company issues 6.5%, five year bonds dated January 1, 2019, with a $500,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $510,666. The annual market rate is 6% on the issue date Required: 1. Complete the below table to 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 Required 1 Required 2 Required 3 Complete the below table to calculate the total bond interest Total bond interest expense over life of bonds: Amount repaid payments of Par value at maturity Total repaid Less amount borrowed 0 Total bond interest expense $ 0 Required 1 Required 2 Required 3 Prepare a straight-line amortization table for the bond Carrying Value Semiannual Period- Unamortized End 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 Journal entry worksheet 1 2 Record the first interest payment on June 30. Note: Enter debits before credits. Date General Journal Debit Credit June 30 Record entry Clear entry View general journal