The following information applies to the questions displayed beloy Legacy issues $550,000 of 9.5%, four-year bonds dated January 1, 2015, that pay interest semiannually on June 30 and December 31, They are issued at $507301 and their market rate is 12% at the issue date. References eBook&Resources Section Break Difficulty: 3 Hard Learning Objective: 14-P1 Prepare entries to rec expense 1. value: 0.62 points 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 bond interest expense 0