Question: I really need help understanding how to solve this multi-part accounting problem. I really do appreciate it. Legacy issues $610,000 of 6.5%, four-year bonds dated

I really need help understanding how to solve this multi-part accounting problem. I really do appreciate it.

I really need help understanding how to solve this multi-part accounting problem.I really do appreciate it. Legacy issues $610,000 of 6.5%, four-year bondsdated January 1, 2019, that pay interest semiannually on June 30 andDecember 31. They are issued at $540,981 when the market rate is10%. Required: 1. Prepare the January 1 journal entry to record the

bonds' issuance. 2. Complete the below table to calculate the total bond

Legacy issues $610,000 of 6.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $540,981 when the market rate is 10%. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 3. Prepare an effective interest amortization table for the bonds' first two years. 4. 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 Required 3 Required 4 Prepare the January 1 journal entry to record the bonds' issuance. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $610,000 on January 1 at an issue price of $540,981. Note: Enter debits before credits. Date General Journal Debit Credit January 01 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Complete the below table to calculate the total bond interest expense to be recognized 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 Required 1 Required 2 Required 3 Required 4 Prepare the journal entries to record the first two interest payments. View transaction list Journal entry worksheet Record the first interest payment on June 30. Note: Enter debits before credits. Date General Journal Debit Credit June 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet

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