Chapter 10 Homework Saved Help Save & Exit Submit Check my work On January 1, 2018, Loop Raceway issued 610 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 $593,992. 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. Bock Print Complete this question by entering your answers in the tabs below. Req l Roq 2 to 5 Prepare a bond amortization schedule Changes During the Perlod Ending Bond Liability Balances Discount on Carrying Period EndedCash 01/01/18 12/31/18 12/31/19 12/31/20 Interest Expense Bonds Payable Bonds Payable Paid Amortized Value Req Req 2 to 5> Mc Graw KPrev4 Next> of 6 Chapter 10 Homework Saved Hel Save & Exit Submit Check my work 4 Complete this question by entering your answers in the tahs below. 16.66 points Req 1 Roq 2 t05 Prepare the journal entries to record the hond 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.) Bock View transaction list Print 1 Record the issuance of 610 bonds at face value of $1,000 each for S593,992. 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 97, assuming the 2 3 4 Credit bonds are retired on January 1, 2020 Note:-journal entry has been enterod Record entry Clear entry View general journal Mc KPrev4 of 6 Next>