Required information Use the following information for the Problems below. (Algo) Skip to question [The following information applies to the questions displayed below.] Hillside issues $2,400,000 of 9%, 15-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. Problem 10-1A (Algo) Straight-Line: Amortization of bond discount LO P2 The bonds are issued at a price of $2,073,868. Required: 1. Prepare the January 1 journal entry to record the bonds issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line discount amortization. 2(c) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Record the issue of bonds with a par value of $2,400,000 on January 1, 2021 at an issue price of $2,073,868. For each semiannual period, compute (a) the cash payment, (b) the straight-line discount amortization, and (c) the bond interest expense. (Round your final answers to the nearest whole dollar.) Par (maturity) value Annual Rate Year Semiannual cash interest payment 2(a) = Par (maturity) value Bonds price Discount on Bonds Payable Semiannual periods Straight-line discount amortization 2(b) = = Semiannual cash payment Discount amortization Bond interest expense 2(c) = Req 1 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 Prepare the first two years of a straight-line amortization table. (Round your intermediate and final answers to the nearest whole dollar.) Semiannual Period-End Unamortized Discount Carrying Value 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 Record the first interest payment on June 30. Record the second interest payment on December 31.