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On January 1, 2021, Loop Raceway issued 670 bonds, each with a face value of $1,000, a stated interest rate of 6 percent paid annually on December 31, and a maturity date of December 31, 2023. On the issue date, the market interest rate was 7 percent, so the total proceeds from the bond issue were $652,418. Loop uses the straight-line bond amortization method and adjusts for any rounding errors when recording interest in the final year. Required: 1. Prepare a bond amortization schedule. 2-5. Prepare the journal entries to record the bond issue, the interest payments on December 31, 2021 and 2022, the interest and face value payment on December 31, 2023 and the bond retirement. Assume the bonds are retired on January 1, 2023, at a price of 97. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 to 5 Prepare a bond amortization schedule. Changes During the Period Ending Bond Liability Balances Period Ended Cash Paid Discount Amortized Interest Expense Bonds Payable Discount on Bonds Payable Carrying Value $ $ 0 01/01/21 12/31/21 12/31/22 12/31/23 0 0 0 0 0 0 Req 1 Req 2 to 5 > View transaction list View journal entry worksheet Debit Credit No 1 Date January 01, 2021 652,418 General Journal Cash Discount on Bonds Payable Bonds Payable 2 December 31, 2021 Interest Expense Cash Discount on Bonds Payable 3 December 31, 2022 Interest Expense Cash Discount on Bonds Payable 4 December 31, 2023 Interest Expense Bonds Payable Cash Discount on Bonds Payable 5 January 01, 2023 Bonds Payable Discount on Bonds Payable Cash Gain on Bond Retirement

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