On January 1, 2020, Surreal Manufacturing issued 690 bonds, each with a face value of $1,000, a stated interest rate of 3.70 perc paid annually on December 31, and a maturity date of December 31, 2022. On the issue date, the market interest rate was 4.00 percent, so the total proceeds from the bond issue were $684,258. Surreal uses the effective-interest bond amortization method. Required: 1. Prepare a bond amortization schedule. (Round your final answers to the nearest whole dollar.) Answer is complete but not entirely correct. Changes During the Period Ending Bond Liability Balances Period Ended Interest Expense Cash Paid Discount Amortized Carrying Value 01/01/20 12/31/20 12/31/21 Bonds Payable 690,000 690,000 Discount on Bonds Payable 5,742 3,902 1,987 27,370 27,445 25,530 25,530 1,840 1,915 684,258 686,116 688,013 690,000 12/31/22 27,521 25,530 1,987 X 690,000 0 690,000 2. Prepare the journal entry to record the bond issue. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete and correct. No General Journal Credit Date Jan 01, 2020 1 Cash Debit 684,258 5,742 Discount on bonds payable Bonds payable OOO 690,000 3. Prepare the journal entries to record the interest payments on December 31, 2020, and 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar.) Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 Dec 31, 2020 Interest expense 27,370 Cash 25,530 1,840 Discount on bonds payable O 2 Dec 31, 2021 Interest expense 27,445 Cash OOO 25,530 1,915 X Discount on bonds payable 4. Prepare the journal entry to record the interest and face value payment on December 31, 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar.) Answer is not complete. No Date General Journal Debit Credit 1 Dec 31, 2022 Interest expense Loss on bond retirement Cash Discount on bonds payable OOO 5. Assume the bonds are retired on January 1, 2022, at a price of 101. Give the journal entry to record the bond retirement. (If no entry required for a transaction/event, select "No journal entry required" in the first account field. your answers to the nearest whole dollar.) Answer is not complete. No Date General Journal Debit Credit