Question: Ellis issues 9.5%, five-year bonds dated January 1, 2013, with a $470,000 par value. The bonds pay interest on June 30 and December 31 and

Ellis issues 9.5%, five-year bonds dated January 1, 2013, with a $470,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $498,591. The annual market rate is 8% on the issue date.

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

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