Problem 10-8AB (Algo) Effective Interest: Amortization of bond discount LO P5 Legacy issues $570,000 of 8.5%, four-year bonds dated January 1,2020 , that pay interest semiannually on June 30 and December 31 . They are issued at $508,050 when the market rate is 12%. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 3. Prepare an effective interest amortization table for the bonds' first two years. 4. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Prepare the January 1 journal entry to record the bonds' issuance. Journal entry worksheet Record the issue of bonds with a par value of $570,000 cash on January 1 , 2020 at an issue price of $508,050. Note: Enter debits before credits. Complete the below table to calculate the total bond interest expense to be rec Complete this question by entering your answers in the tabs below. Prepare an effective interest amortization table for the bonds' first two years. Note: Round your intermediate and final answers to the nearest whole dollar. Prepare the journal entries to record the first two interest payments. Journal entry worksheet Record the first interest payment on June 30 . Note: Enter debits before credits