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Required information Problem 10-5A Straight-Line: Amortization of bond premium and discount LO P1, P2, P3 [The following information applies to the questions displayed below.] Legacy issues $710,000 of 8.0%, four-year bonds dated January 1, 2018. that pay interest semiannually on June 30 and December 31. They are issued at $621,812, and their market rate is 12% at the issue date. Problem 10-5A Part 1 Required: 1. Prepare the January 1, 2018, journal entry to record the bonds' issuance. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $710,000 cash on January 1, 2018 at an issue price of $621,812. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, 2018 Prev. 1 2 3 4 of 5 Next >Required information Problem 10-5A Straight-Line: Amortization of bond premium and discount LO P1, P2, P3 [The following information applies to the questions displayed below.] Legacy issues $710,000 of 8.0%, four-year bonds dated January 1, 2018, that pay interest semiannually on June 30 and December 31. They are issued at $621,812, and their market rate is 12% at the issue date. Problem 10-5A Part 2 2. Determine the total bond interest expense to be recognized over the bonds' life. ces Total bond interest expense over life of bonds: Amount repaid: 8 payments of $ 28,350 $ 226,800 Par value at maturity 720,000 Total repaid C 946,800 Less amount borrowed (683,649) Total bond interest expense 263,151