On January 1, 2021, Loop Raceway issued 570 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 31,2023 . On the issue date, the market interest rate was 7 percent, so the total proceeds from the bond issue were $555,042. 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 issuc, the interest payments on December 31, 2021 and 2022, the interest ond face value payment on December 31,2023 and the bond retirement. Assume the bonds are retired early on January 1,2023 instead of at their maturity date of 12/31/2023, record the entry to retire the bonds early assuming a price of 97 . Complete this question by entering your answers in the tabs below. Prepare a band amortization schedule. Journal entry worksheet 5 Record the issuance of 570 bonds at face value of $1,000 each for $555,042. Note: Enter debits before credits. 1 Record the issuance of 570 bonds at face value of $1,000 each for $555,042. 2 Record the interest payment on December 31, 2021. 3 Record the interest payment on December 31, 2022. 4 Record the interest and face value payment on December 31,2023. 5 Record the retirement of the bonds early on January 1, 2023 at a quoted price of 97. Note : = journal entry has been entered