Problem 14-2A Straight Line: Amortization of bond premium P3 Refer to the bond details in Problem 14-1A, except assume that the bonds are issued at a price of $4,895,980. Required 1. Prepare the January 1 journal entry to record the bonds' issuance. 2. For each semiannual period, compute (a) the cash payment, (b) the straight-line premium amortization, and (c) the bond interest expense. 3. Determine the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table like Exhibit 14.11. 5. Prepare the journal entries to record the first two interest payments. Check (3) $2,704,020 (4) 12/31/2022 carrying value, $4,776,516 Problem 14-1A Straight-Line: Amortization of bond discount P2 Hillside issues $4,000,000 of 6%, 15-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $3,456,448. Required 1. Prepare the January 1 journal entry to record the bonds' issuance. 2. For each semiannual period, compute (a) the cash payment, (b) the straight-line discount amortization, and (c) the bond interest expense. 3. Determine the total bond interest expense to be recognized over the bonds' life.. 4. Prepare the first two years of a straight-line amortization table like Exhibit 14.7. 5. Prepare the journal entries to record the first two interest payments Check (3) 14,143,552 (4) 12/31/2022 carrying value, $3,528,920