Ellis Company issues 8.5%, five-year bonds dated January 1, 2021, with a $540,000 par value. The...

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Ellis Company issues 8.5%, five-year bonds dated January 1, 2021, with a $540,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $597,579. 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. > Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the journal entries to record the first two interest payments. No 1 Date June 30 General Journal Bond interest expense Premium on bonds payable Cash Debit 171,921 Credit 57,579 X 22,950 2 December 31 Bond interest expense 171,921 x Premium on bonds payable 57,579 X Cash 22,950 Ellis Company issues 8.5%, five-year bonds dated January 1, 2021, with a $540,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $597,579. 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. > Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the journal entries to record the first two interest payments. No 1 Date June 30 General Journal Bond interest expense Premium on bonds payable Cash Debit 171,921 Credit 57,579 X 22,950 2 December 31 Bond interest expense 171,921 x Premium on bonds payable 57,579 X Cash 22,950