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Problem 14-8AB Effective Interest: Amortization of bond discount LO P1, P5 Legacy issues $325,000 of 5%, four-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. They are issued at a selling price of $292178 (rounded to nearest dollar) and their market rate is 8% at the issue date. Round all calculations to the nearest dollar. Required 1. Prepare the January 1, 2017, 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 January 1, 2017, journal entry to record the bonds' issuance View transaction list Journal entry worksheet 2 Record the issue of bonds with a par value of $325,000 cash on January 1, 2017 at an issue price of $292,178. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, 2017 Required 1 Required 2 Required 3 Required 4 Prepare the January 1, 2017, journal entry to record the bonds' issuance View transaction list Journal entry worksheet 2 Description Note: Enter debits before credits. Date General Journal Debit Credit Required 1 Required 2Required 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: Total cash paid over the life of the bonds: interest payments of Face value paid at maturity Total cash paid Less amount borrowed (bond selling price) Total bond interest expense KRequired 1 Required 3 Required 1 Required 2 Required 3Required 4 Prepare an effective interest amortization table for the bonds' first two years. Round each number to the nearest dollar. Cash InterestBond Interest Discount U namortized Carrying Value Interest Paid Expense AmortizationDiscount Period-End 01/01/2017 06/30/2017 12/31/2017 06/30/2018 12/31/2018 Required 2 Required 4 > 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 2 Record the first interest payment on June 30, 2017 Note: Enter debits before credits. Date General Journal Debit Credit Jun 30, 2017 Required 1 Required 2 Required 3Required 4 Prepare the journal entries to record the first two interest payments View transaction list Journal entry worksheet 2 Record the second interest payment on December 31, 2017. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2017