Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr. 30 Received $585,000 from Commerce Bank after signing a 12-month, 5 percent, promissory note. June 6 Purchased merchandise on account at a cost of $74,000. (Assume a perpetual inventory system.) July 15 paid for the June 6 purchase. Aug. 31 Signed a contract to provide security service to a small apartment complex starting in September, and collected six months' fees in advance amounting to $23,400. Dec. 31 Determined salary and wages of $39,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 1. & 2. Prepare journal entries for each of the transactions through August 31 and adjusting entries required on December 31 3. Show how all of the liabilities arising from these items are reported on the balance sheet at December 31. Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Show how all of the liabilities arising from these items are reported on the balance sheet at December 31. (Do not round intermediate calculations. JACK HAMMER COMPANY Balance Sheet (partial) At December 31 7 $ 0 On January 1, 2018. Loop Raceway issued 640 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 $623,205. 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 97 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 to 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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet ***** No Date General Journal Jan 01, 2018 No Transaction Recorded Debit Credit 1