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On January 1, 2018, Loop Raceway issued 630 bonds, each with a face value of $1,000, a stated interest rate of 5 percent pald annually

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On January 1, 2018, Loop Raceway issued 630 bonds, each with a face value of $1,000, a stated interest rate of 5 percent pald annually on December 31, and a maturity date of December 31, 2020. On the issue date, the market interest rate was 6 percent, so the total proceeds from the bond issue were $613,148. 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 98. Complete this question by entering your answers in the tabs below. Req1 Reg 2 to 5 Prepare a bond amortization schedule. Changes During the Period Period Ended Cash Pald Discount Amortized Interest Expense Ending Bond Liability Balances Discount on Bonds Bonds Carrying Payable Value Payable $ 0 0 $ 01/01/18 12/31/18 12/31/19 12/31/20 0 of 0 NA Reg 2 to 5 > Reg 1 Req 2 to 5 Prepare the journal entries to record the bond issue, the interest payments on December 31, 2018 and 2019, the Interest a value payment on December 31, 2020 and the bond retirement. Assume the bonds are retired on January 1, 2020, at a pric no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet N > 3 4 5 Record the issuance of 630 bonds at face value of $1,000 each for $613,148. Note: Enter debits before credits. Debit Credit General Journal Date Jan 01, 2018 Record entry Clear entry View general Journal Req 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 98. (If no entry is required for a transaction/event, select "No Joumal Entry Required" in the first account field.) View transaction list Journal entry worksheet > Record the Interest and face value payment on December 31, 2020. Note: Enter debits before credits General Journal Debit Credit Date Dec 31, 2020 Record entry Clear entry View general Journal Req 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 98. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet

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