Problem 10-4A (Algo) Part Legacy issues $720,000 of 6.5%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $683,649 when the market rate is 8%. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2. Determine the total bond interest expense to be recognized over the bonds' life. Required: 1. Prepare the January 1 journal entry to record the bonds' Issuance. View transaction list Journal entry worksheet 1 Record the issue of bonds with a par value of $720,000 on January 1, 2021 at an issue price of $683,649. Note: Enter debits before credits. Date January 01 General Journal Debit Credit Record entry Clear entry View general journal 2. Determine the total bond Interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid: Total repaid payments of Par value at maturity Less amount borrowed Total bond interest expense $ 0