On January 1, 2021, Loop Raceway issued 680 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 $662,454. 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 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 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 Paid Discount Amortized Interest Expense Bonds Payable Bonds Carrying Value Payable 01/01/21 12/31/21 12/31/22 $ 0 12/31/23 $ 0 0 0 0 0 0 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 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 99. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 1 Record the issuance of 680 bonds at face value of $1,000 each for $662,454. 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. Debit Credit 5 Record the retirement of the bonds early on January 1, 2023 at a quoted price of 99. Note = journal entry has been entered