Required information [The following information applies to the questions displayed below.] Legacy issues $590,000 of 7.5%, four-year bonds dated January 1,2021 , that pay interest semiannually on June 30 and December 31 . They are issued at $542,310 when the market rate is 10%. 2. Determine the total bond interest expense to be recognized over the bonds' life. Required information [The following information applies to the questions displayed below] Legacy issues $590,000 of 7.5%, four-year bonds dated January 1,2021 , that pay interest semiannually on June 30 and December 31 . They are issued at $542,310 when the market rate is 10%. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. Journal entry worksheet Record the issue of bonds with a par value of $590,000 on January 1, 2021 at an issue price of $542,310. Note: Enter debits before credis: On January 1, 2021, Norwood borrows $590,000 cash from a bank by signing a five-year installment note bearing 7% interest. The note requires equal payments of $143,895 each year on December 31 . Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Norwood borrows $590,000 cash by signing a five-year, 7% installment note. (b) Record the first installment payment on December 31, 2021. (c) Record the second installment payment on December 31, 2022. Complete this question by entering your answers in the tabs below. Complete an amortization table for this instaliment note. Note: Round your intermediate calculations to the nearest dollar amount. Ellis Company issues 7.5%, five-year bonds dated January 1,2021 , with a $520,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $553,268. The annual market rate is 6% on the issue date. Required: 1. Calculate the total bond interest expense over the bonds' life. 2. Prepare a straight-line 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. Calculate the total bond interest expense over the bonds' life. Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Norwood borrows $590,000 cash by signing a five-year, 7% installment note. (b) Record the first installment payment on December 31, 2021. (c) Record the second instaliment payment on December 31, 2022. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the note's issuance and each of the first two payments. Journal entry worksheet Norwood borrows $590,000 cash by signing a five-year, 7% installment note. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the note's issuance and each of the first two payments. Journal entry worksheet Record the first installment payment on December 31, 2021. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] Legacy issues $590,000 of 7.5%, four-year bonds dated January 1,2021 , that pay interest semiannually on June 30 and December 31 . They are issued at $542,310 when the market rate is 10%. 4. Prepare the journal entries to record the first two interest payments. Journal entry worksheet Record the interest payment and amortization on June 30. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] Legacy issues $590,000 of 7.5%, four-year bonds dated January 1,2021 , that pay interest semiannually on June 30 and December 31 . They are issued at $542,310 when the market rate is 10%. 3. Prepare a straight-line amortization table for the bonds' first two years. Note: Round your intermediate and final answers to the nearest whole dollar