Problem 10-8AB Effective Interest: Amortization of bond discount LO P5 Legacy issues $680,000 of 6.5%, four-year...

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Problem 10-8AB Effective Interest: Amortization of bond discount LO P5 Legacy issues $680,000 of 6.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $603,061 when the market rate is 10%. 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. Required 1 Required 2 Required 3 Required 4 Prepare the January 1 journal entry to record the bonds' issuance. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $680,000 on January 1 at an Issue price of $603,061. Note: Enter debits before credits. Date January 01 General Journal Debit Credit Problem 10-8AB Effective Interest: Amortization of bond discount LO P5 Legacy issues $680,000 of 6.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $603,061 when the market rate is 10%. 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. Required 1 Required 2 Required 3 Required 4 Prepare the January 1 journal entry to record the bonds' issuance. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $680,000 on January 1 at an Issue price of $603,061. Note: Enter debits before credits. Date January 01 General Journal Debit Credit