5 Check my work 4 On January 1, 2018, 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, 2020. 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. 16.66 points Required: 1. Prepare a bond amortization schedule 2-5. Prepare the journal entries to record the bond issue, the interest payments on December 31, 2018 and 2019, the interest and face value payment on December 31, 2020 and the bond retirement. Assume the bonds are retired on January 1, 2020, at a price of 97. eBook Print Complete this question by entering your answers in the tabs below Req 1 Req 2 to 5 Prepare a bond amortization schedule. Changes During the Period Ending Bond Liability Balances Discount on Carrying Period Ended Cash Paid Discount Amortized Bonds Payable Bonds Payable Expense Value 01/0118 12/31/18 12/31/19 12/31/20 Req 2 to 5 Mc Prex4 of 6 Next > Chapter 10 Homework i Saved Help Save & Exit Submit 5 Check my work 4 Complete this question by entering your answers in the tabs below Req 1 Req 2 to 5 16.66 points Prepare the journal entries to record the bond issue, the interest payments on December 31, 2018 and 2019, the interest and face value payment on December 31, 2020 and the bond retirement. Assume the bonds are retired on January 1, 2020, at a price of 97. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) eBook View transaction list Print 1 Record the issuance of 670 bonds at face value of $1,000 each for $652,418 2 Record the interest payment on December 31, 2018. 3 Record the interest payment on December 31, 2019. 4 Record the interest and face value payment on December 52,418 31, 2020 Credit 5 Record the retirement of the bonds at a quoted price of 97, assuming the bonds are retired on January 1, 2020 Note journal entry has been entered Mc Prex4 of 6 Next >