Problem 10-9AB (Algo) Effective Interest: Amortization of bond premium LO P5 Ellis Company issues 9.0%, five-year bonds dated January 1,2020, with a $550,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $572,325. The annual market rate is 8% on the issue date. Required: Compute the total bond interest expense over the bonds' life. Prepare an effective interest amortization table for the bonds' life. Note: Round your intermediate and final answers to the nearest whole dollar. 1 Record the first interest payment on June 30,2020. 2 Record the second interest payment on December 31 , 2020