On January 1, 2018, Loop Raceway issued 650 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 $633.228. 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 99 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 Payable Period Ended Cash 01/01/18 12/31/18 12/31/19 12/31/20 Discount Interest Carrying Value Paid ExpensePayableBonds Chapter 10 Homework Saved Help Save & Exit Su Check my 3 Net Work Corporation, whose annual accounting period ends on December 31, issued the following bonds: Date of bonds: January 1, 2018 Maturity amount and date: $400,000 due in 10 years (December 31, 2027) Interest: 9.0 percent per year payable each December 31 Date issued: January 1, 2018 20 points eBook Required: For each of the three independent cases that follow, provide the following amounts to be reported on the January 1. 2018. financial statements immediately after the bonds were issued: (Deductions should be indicated by a minus sign.) Ask Print Case A 1, 201 a. Bonds payable b. Unamortized premium (discount) c. Carrying value 400,000