Question: Ellis Company issues 6.5%, five-year bonds dated January 1, 2020, with a $250,000 par value. The bonds pay interest on June 30 and December 31

Ellis Company issues 6.5%, five-year bonds dated January 1, 2020, with a $250,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $255,333. The annual market rate is 6% on the issue date. Required: 1. Calculate the total bond interest expense over the bonds' life. 2. Prepare a straight-line amortization table for the bonds' life. 3. 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 Prepare a straight-line amortization table for the bonds' life. Note: Round your intermediate and final answers to the nearest whole dollar. Semiannual Period- Unamortized Premium Carrying Value End 01/01/2020 06/30/2020 12/31/2020 06/30/2021 12/31/2021 06/30/2022

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