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 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 Par value at maturity Total repaid Less amount borrowed Total bond interest expense 0 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 1 Required 2 E Required 3 Prepare an effective interest amortization table for the bonds' life Semiannual Period-Cash InterestBond Interest Premium Unamortized Carrying Value Expense Amortization Premium 01/01/2019 06/30/2019 12/31/2019 06/30/2020 12/31/2020 06/30/2021 12/31/2021 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 the journal entries to record the first two interest payments. View transaction list Journal entry worksheet 2 Record the first interest payment on June 30, 2019