Ellis Company issues 8.0%, five-year bonds dated January 1, 2019, with a $430,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $466,682. The annual market rate is 6% 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.

2.On November 1, 2019, Norwood borrows $430,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments of $99,319 each year on October 31. Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of December 31, 2019 (the end of its annual reporting period). (b) The first annual payment on the note.

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the total bond interest expense over the bonds' life. Total bond interest expense over life of bonds: Amount repaid: payments of O Par value at maturity Total repaid Less amount borrowed Total bond interest expense 0 Required 1 Required 2 Required 3 Prepare an effective interest amortization table for the bonds' life. Semiannual Period-End Cash Interest Paid Bond Interest Expense Premium Amortization Unamortized Premium Carrying Value 01/01/2019 06/30/2019 12/31/2019 06/30/2020 12/31/2020 06/30/2021 12/31/2021 06/30/2022 12/31/2022 06/30/2023 12/31/2023 Total Complete this question by entering your answers in the tabs below. Req 1 Req 2A and 2B Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) Period Ending Date Beginning Balance Debit Interest Expense + Debit Notes Payable = Credit Cash Ending Balance 10/31/2020 10/31/2021 10/31/2022 10/31/2023 10/31/2024 Total Journal entry worksheet Record the interest accrued on the note as of December 31, 2019. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019 Record entry Clear entry View general journal Journal entry worksheet