Question: Ellis issues 9.0%, five-year bonds dated January 1, 2017, with a $480,000 par value. The bonds pay interest on June 30 and December 31 and

Ellis issues 9.0%, five-year bonds dated January 1, 2017, with a $480,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $499,466. The annual market rate is 8% 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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