AND Record the issuance of 560 bonds at face value of $1,000 each for $545,550.

Record the interest payment on December 31, 2018.

Record the interest payment on December 31, 2019.

• Record the interest and face value payment on December 31, 2020.
• Record the retirement of the bonds at a quoted price of 99, assuming the bonds are retired on January 1, 2020.

On January 1, 2018, Loop Raceway issued 560 bonds, each with a face value of $1,000, a stated interest rate of 7 percent paid annually on December 31, and a maturity date of December 31, 2020. On the issue date, the market interest rate was 8 percent, so the total proceeds from the bond issue were $545,550. 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, 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 Complete this question by entering your answers in the tabs below. Req 1 Req 2 to5 Prepare a bond amortization schedule Changes During the Period Ending Bond Liability Balances Discount on Bonds Payable Bonds Payable Period Ended Cash Paid Carrying Value Discount Amortized Interest Expense $ 560,00014450545,550 01/01/18 12131/18$ 39,200 12/31/19 12/31/20 $ 39,200 560,000 560,000 560,000 560,000 560,000 560,000 39,200 39,200 39,200 39,200 Req Req 2 to 5>