Ellis Company issues $6\mathrm{.}5\%,$ five$-$year bonds dated January $1,2020,$ with a $$500,000$ par value. The bonds pay interest on June $30$ and December $31$ and are issued at a price of $$510,666.$ The annual market rate is $6\%$ on the issue date.

$1.$ Calculate the total bond interest expense over the bonds' life.

$2.$ Prepare a straight$-$line amortization table for the bonds$$ life.

$3.$ repare the journal entries to record the first two interest payments.Problem $10-3$A $($Algo$)$ Straight$-$Line: Amortization of bond premium LO P$3$

Ellis Company issues $6\mathrm{.}5\%,$ five$-$year bonds dated January $1,2020,$ with a $$500,000$ par value. The bonds pay interest on June $30$ and

December $31$ and are issued at a price of $$510,666.$ The annual market rate is $6\%$ on the issue date.

Required:

Calculate the total bond interest expense over the bonds' life.

Prepare a straight$-$line amortization table for the bonds' life.

Prepare the journal entries to record the first two interest payments.

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Calculate the total bond interest expense over the bonds' life.