Problem 14-10AB (Algo) Effective Interest: Amortization of bond premium LO P5 Ellis Company issues 7.5%, five-year bonds dated January 1,2021 , with a $440,000 por value. The bonds pay interest on June 30 and December 31 and are issued at a price of $449,140. The annual market rate is 70% on the issue date. Required: 1. Compute the total bond interest expense over the bonds' life. 2. Prepare an effective interest amortization table for the bonds' life. 3. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Compute the total bond interest expense over the bands' life. Problem 14-10AB (Algo) Effective Interest: Amortization of bond premium LO P5 Ellis Company issues 7.5%, five-year bonds dated January 1,2021 , with a $440,000 por value. The bonds pay interest on June 30 and December 31 and are issued at a price of $449,140. The annual market rate is 70% on the issue date. Required: 1. Compute the total bond interest expense over the bonds' life. 2. Prepare an effective interest amortization table for the bonds' life. 3. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Compute the total bond interest expense over the bands' life