Required information Problem 10-4A (Algo) Straight-Line: Amortization of bond discount LO P2 Skip to question [The following information applies to the questions displayed below.] Legacy issues $670,000 of 6.0%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $624,896 when the market rate is 8%. Problem 10-4A (Algo) Part 1 Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. Problem 10-4A (Algo) Part 2 2. Determine the total bond interest expense to be recognized over the bonds' life. Problem 10-4A (Algo) Part 3 3. Prepare a straight-line amortization table for the bonds' first two years. (Round your intermediate and final answers to the nearest whole dollar.) Problem 10-4A (Algo) Part 4 4. Prepare the journal entries to record the first two interest payments.