Straight Line: Amortization of bond premium P3 Refer to the bond details in Problem 10-1A, 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 (391a ) 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 10.11. 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 page 415 Problem 10-3A