(Answered) Problem - jules issues a 45 five-year bonds dated january 1

Accounting

Problem - Jules issues a 4.5%. five-year bonds dated January 1, 2009, with a $230,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $235,160. The annual market rate is 4% on the issue date.

Required -

1. Calculate the total bond interest expense over the bonds' life.

2. Prepare a straight-line amortization table for the bonds' life.

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

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