Ellis Company issues 8.5%, five-year bonds dated January 1, 2019, with a $540,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $550,969. The annual market rate is 8% 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. Required 1Required 2Required 3 Prepare an effective interest amortization table for the bonds' life. Semiannual Period- Cash Interest Bond Interest Premium Unamortized carrying Value End 01/01/2019 06/30/2019 12/31/2019 06/30/2020 12/31/2020 06/30/2021 Paid Expense Amortization Premium $22,950 Ellis Company issues 8.5%, five-year bonds dated January 1, 2019, with a $540,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $550,969. The annual market rate is 8% 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. Required1 Required 2 Required 3 Prepare the journal entries to record the first two interest payments View transaction list X: 1 Record the first interest payment on June 30, 2019 2 Record the second interest oavment on December 31