Required information [The following information applies to the questions displayed below.] Hillside issues $2,500,000 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 $3,059,990. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line premium amortization. 2.) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Record the issue of bonds with a par value of $2,500,000 on January 1, 2021 at an issue price of $3,059,990. Note: Enter debits before credits. General Journal Debit Credit Date January 01 For each semiannual period, compute (a) the cash payment, (b) the straight-line premium amortization, and (c) the bond interest expense. (Round your final answers to the nearest whole dollar.) Par (maturity) value Annual Rate Year Semiannual cash interest payment 2a) Bond price Par (maturity value) Premium on Bonds Payable Semiannual periods Straight-line premium amortization 2(b) Semiannual cash payment Premium amortization Bond interest expense |2(c) = Complete the below table to calculate 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 Record the second interest payment on December 31. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record the first interest payment on June 30. Note: Enter debits before credits. General Journal Debit Credit Date June 30