Question: Ellis issues 7.0%, five-year bonds dated January 1, 2015, with a $580,000 par value. The bonds pay interest on June 30 and December 31 and

Ellis issues 7.0%, five-year bonds dated January 1, 2015, with a $580,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $604,738. The annual market rate is 6% on the issue date. Required: 1. Complete the below table to 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.

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