Problem 10-3A Straight-Line: Amortization of bond premium P3 Ellis Company issues 6.5%, five-year bonds dated January...

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Problem 10-3A Straight-Line: Amortization of bond premium P3 Ellis Company issues 6.5%, five-year bonds dated January 1, 2021, with a $250,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $255,333. The annual market rate is 6% on the issue date. Problem 10-10AB Effective Interest: Amortization of bond premium P5 Refer to the bond details in Problem 10-3A. Required 1. Compute the total bond interest expense over the bonds' life. 2. Prepare an effective interest amortization table like the one in Exhibit 10B.2 for the bonds' life. Check (2) 6/30/2023 carrying value, $252,865 3. Prepare the journal entries to record the first two interest payments. Problem 10-3A Straight-Line: Amortization of bond premium P3 Ellis Company issues 6.5%, five-year bonds dated January 1, 2021, with a $250,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $255,333. The annual market rate is 6% on the issue date. Problem 10-10AB Effective Interest: Amortization of bond premium P5 Refer to the bond details in Problem 10-3A. Required 1. Compute the total bond interest expense over the bonds' life. 2. Prepare an effective interest amortization table like the one in Exhibit 10B.2 for the bonds' life. Check (2) 6/30/2023 carrying value, $252,865 3. Prepare the journal entries to record the first two interest payments.