Required $1$

Required $2$

Required $3$

Prepare an effective interest amortization table for the bonds' life.

Note: Round your intermediate and final answers to the nearest whole dollar.

$\backslash$table$[[\backslash$table$[[$Semiannual Interest Period$-],[$End$]],\backslash$table$[[$Cash Interest$],[$Paid$]],\backslash$table$[[$Bond Interest$],[$Expense$]],\backslash$table$[[$Premium$],[$Amortization$]],\backslash$table$[[$Unamortized$],[$Premium$]],$Carrying Value$],[01/01/2021,,,,,],[06/30/2021,,,,,],[12/31/2021,,,,,],[06/30/2022,,,,,],[12/31/2022,,,,,],[06/30/2023,,,,,],[12/31/2023,,,,,],[06/30/2024,,,,,],[12/31/2024,,,,,],[06/30/2025,,,,,],[12/31/2025,,,,,],[$Total$,,,,,]]$

$||$ Journal entry worksheet

Record the first interest payment on June $30,2021.$

Note: Enter debits before credits. Problem $14-10$AB $($Algo$)$ Effective Interest: Amortization of bond premium LO P$5$

Ellis Company issues $9\mathrm{.}5\%,$ five$-$year bonds dated January $1,2021,$ with a $$560,000$ par value. The bonds pay interest on June $30$ and

December $31$ and are issued at a price of $$571,062.$ The annual market rate is $9\mathrm{.}0\%$ on the issue date.

Required:

Compute the total bond interest expense over the bonds' life.

Prepare an effective interest amortization table for the bonds' life.

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

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