On January 1, 2021, Loop Raceway issued 500 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, 2023. On the issue date, the market interest rate was 8 percent, so the total proceeds from the bond issue were $487,099. 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, 2021 and 2022, the interest and face value payment on December 31, 2023 and the bond retirement. Assume the bonds are retired on January 1, 2023, 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 Period Ended Cash Discount Paid Amortized Interest Expense Bonds Payable Bonds Payable Carrying Value 01/01/21 12/31/21 12/31/22 12/31/23 < Req 1 Req 2 to 5 > On January 1, 2021, Loop Raceway Issued 500 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, 2023. On the issue date, the market Interest rate was 8 percent, so the total proceeds from the bond issue were $487,099. 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, 2021 and 2022, the Interest and face value payment on December 31, 2023 and the bond retirement. Assume the bonds are retired on January 1, 2023, at a price of 99. Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 5 Prepare the journal entries to record the bond issue, the interest payments on December 31, 2021 and 2022, the interest and face value payment on December 31, 2023 and the bond retirement. Assume the bonds are retired on January 1, 2023, at a price of 99. (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 < 1 2 3 4 5 Record the issuance of 500 bonds at face value of $1,000 each for $487,099. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 45 Record the interest payment on December 31, 2021. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 4 5 Record the interest payment on December 31, 2022. Note: Enter debits before credits. Date December 31, 2022 General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet 1 2 3 5 Record the interest and face value payment on December 31, 2023. Note: Enter debits before credits. Date December 31, 2023 General Journal Debit Credit > Record entry Clear entry View general journal Journal entry worksheet > 1 2 3 4 5 Record the retirement of the bonds at a quoted price of 99, assuming the bonds are retired on January 1, 2023. Note: Enter debits before credits. Date January 01, 2023 General Journal Debit Credit Record entry Clear entry View general journal