Question: Ellis Company issues 7.5%, five-year bonds dated January 1,2021 , with a $440,000 par value. The bonds pay interest on June 30 and December 31

December 31 and are issued at a price of $449,140. The annual

market rate is 7.0% on the issue date. Required: 1. Compute the

Ellis Company issues 7.5%, five-year bonds dated January 1,2021 , with a $440,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $449,140. The annual market rate is 7.0% on the issue date. Required: 1. Compute the total bond interest expense over the bonds' life: 2. Prepare an effective interest 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. Prepare an effective interest amortization table for the bonds' life. Note: Round your intermedlate and final answers to the nearest whole doliar. Complete this question by entering your answers in the tabs below. Prepart an effective interest amortization table for the bonds" life. Note: Round your intermediate and final answers to the nearest whole dollas. Journal entry worksheet Record the first interest payment on June 30, 2021. Note: Enter debits before credits. Prepare the journal entries to record the first two interest payments. Journal entry worksheet Record the second interest payment on December 31, 2021. Note: Enter debits before credits

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