Answer and Explanation:
According to the scenario, computation of the given data are as follow:-
1) Semiannually Rate of interest = 11% ÷ 2 = 5.50% = 0.055
Number of years (half yearly) = 4 × 2 = 8 years
PVIF Value = 1 ÷ (1 + Interest Rate)^Number of years
=1 ÷ (1 + 0.055)^8
= 1 ÷ 1.5347
= 0.65160
PVIFA Value = [1 -1 ÷ (1 + Interest Rate)^Number of years ÷  Interest Rate
= [1 - 1 ÷ (1 + 0.055)^8]  ÷ 0.055
= [1 - 0.65160] ÷ 0.055
= 6.33457
Particular  PV table value	Multiply	Amount  ($)	PV value
Principle value  0.65160	×	640,000                          $417,024
Annually interest Value 6.33 ×     32,000                          $202,706
($640,000 × 6 ÷ 12 × 10%)  
Present Bond’s Price                                      $619,730
2).  
Journal Entry
On Jan.1,2021 
Cash A/c        	Dr.  $619,730
Discounts on bond payable A/c      Dr.  $20,270
  To Bond payable A/c        	$640,000
(Being bond issued at discount is recorded)
3. The amortizable schedule is presented on the attachment below
4).
Journal Entry
June 30,2021 
 Interest expense A/c      Dr.  $34,085  
      To Cash A/c        	$32,000
      To Discount on bond payable A/c    $2,085  
(Being interest expenses is recorded)  
5) On December 31,2021 Amount of bonds reported = $624,015
6). Interest expenses reported in income statement
= $34,085 + $34,200
= $68,285
7).
Journal Entry
On Dec. 31,2024 
Interest expense A/c      Dr.  $35,032
    To Cash A/c        	$32,000
    To Discount on bond payable A/c      $3,032
(Being interest expense is recorded)
On Dec.31,2024	
Bond payable A/c      	Dr.  $640,000
  	To Cash A/c        $640,000
 (Being interest expense is recorded)