Problem $14-9$B Effective Interest: Amortization of bond discount P$5$

Refer to the bond details in Problem $14-4$B$.$

Required

Prepare the January $1$ journal entry to record the bonds' issuance.

Determine the total bond interest expense to be recognized over the bonds' life.

Prepare an effective interest amortization table like the one in

Prepare the journal entries to record the first two interest payments.

Problem $14-4$B Straight$-$Line: Amortization of bond discount P$2$

Gomez issues $$240,000$ of $6\%,15-$year bonds dated January $1,2021,$ that pay interest semiannually on June $30$ and December $31.$ They are

issued at $$198,494$ when the market rate is $8\%.$