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Bond Interest Expense Assignment | Top Universities

Ellis Company issues 7.0%, five-year bonds dated January 1, 2019, with a $450,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $469,196. The annual market rate is 6% on the issue date. Required: 1. Compute the total bond interest expense over the bonds' life. 2. Prepare an effective interest amortization table for the bonds' life.

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3. 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 Compute the total bond interest expense over the bonds' life Total bond interest expense over life of bonds: Amount repaid: 10 payments of Par value at maturity Total repaid Less amount borrowed Total bond interest expense 0 Required 1 Required 2 Ellis Company issues 7.0%, five-year bonds dated January 1, 2019, with a $450,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $469,196. The annual market rate is 6% on the issue date. Required: 1. Compute the total bond interest expense over the bonds' life. 2. Prepare an effective interest amortization table for the bonds' life. 3. 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 Prepare an effective interest amortization table for the bonds' life. Unamortized Carrying Value Premium Amortization Semiannual Period- Cash Interest Bond Interest End Paid Expense Premium 01/01/2019 06/30/2019 12/31/2019 06/30/2020 12/31/2020 06/30/2021 12/31/2021 06/30/2022 12/31/2022 Required 1 Required 2 Required 3 Prepare the journal entries to record the first two interest payments View transaction list Journal entry worksheet 1 2 Record the first interest payment on June 30, 2019. Note: Enter debits before credits. General Journal Debit Credit Date Jun 30, 2019 Record entry Clear entry View general journal. Get Accounting homework help today

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