Required information Problem 10-4A (Algo) Straight-Line: Amortization of bond discount LO P2 [The following information applies to the questions displayed below) Legacy issues $550,000 of 9.5%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31 They are issued at $507,307 when the market rate is 12% Problem 10-4A (Algo) Part 1 Required: 1. Prepare the January 1journal entry to record the bonds issuance. Require information Journal en Y WULKSTEEL 1 > Record the issue of bonds with a par value of $550,000 on January 1, 2021 at an issue price of $507,301. Note: Enter debits before credits General Journal Debit Credit Date January 01 Record entry Clear entry View general Journal S Prey 1 2 3 4 of 4 Next > Problem 10-4A (Algo) Part 2 2. Determine the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid payments of Par value at maturity Total repaid Less amount borrowed Total bond interest expense 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.) Semiannual Period End Unamnortired Discount Carrying Value 01/012021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 Journal entry worksheet