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Problem 10-8AB Effective Interest: Amortization of bond discount LO P1, P5 Legacy issues $550,000 of 9.5%, four-year bonds dated January 1, 2018, that pay interest semiannually on June 30 and December 31. They are issued at $507,301, and their market rate is 12% at the issue date. Required: 1. Prepare the January 1, 2018. journal entry to record the bonds' issuance. 2. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 3. Prepare an effective interest amortization table for the bonds' first two years. 4. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the journal entries to record the first two interest payments. View transaction list Journal entry worksheet Required 1 Required 2 Required 3 Required 4 Prepare the January 1, 2018, journal entry to record the bonds' issuance. View transaction list View journal entry worksheet Credit No 1 Date ... Jan 01, 2018 General Journal Cash Discount on bonds payable Bonds payable Debit 507,301 42.699 550,000 Required 2 > Required 1 Required 2 Required 3 Required 4 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: 8 payments of $ 26,125 Par value at maturity Total repaid Less amount borrowed Total bond interest expense 209,000 550,000 759,000 507 3011 251.699 Required 1 Required 2 Required 3 Required 4 Prepare an effective interest amortization table for the bonds' first two years. Cash Interest Bond Interest Paid Expense Discount Amortization Unamortized Discount Carrying Value Semiannual Interest Period End 01/01/2018 06/30/2018 12/31/2018 06/30/2019 12/31/2019 Journal entry worksheet Record the first interest payment on June 30, 2018. Note: Enter debits before credits. General Journal Debit Credit Date Jun 30, 2018 Record entry Clear entry View general journal Journal entry worksheet