On January 1, 2021, Methodical Manufacturing issued 100 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 6.25 percent, so the total proceeds from the bond issue were $101,995. Methodical 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 required journal entries to record the bond issue, 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 103 . Complete this question by entering your answers in the tabs below. Prepare a bond amortization schedule. Prepare the required journal entries to record the bond issue, interest payments on December 31,2021 an value payment on December 31,2023 and the bond retirement. Assume the bonds are retired on January no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 5 Record the issuance of 100 bonds at face value of $1,000 each for $101,995. Note: Enter debits before credits. Prepare the required journal entries to record the bond issue, interest payments on December 31,2 value payment on December 31,2023 and the bond retirement. Assume the bonds are retired on Ja no entry is required for a transaction/event, select "No Journal Entry Required" in the first account f Journal entry worksheet 5 Record the interest payment on December 31,2021. Note: Enter debits before credits. Journal entry worksheet Record the interest payment on December 31, 2022. Note: Enter debits before credits. Prepare the required journal entries to record the bond issue, interest payments on December 31,20 value payment on December 31, 2023 and the bond retirement. Assume the bonds are retired on Jan no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fie Journal entry worksheet Record the interest and face value payment on December 31, 2023. Note: Enter debits before credits. Prepare the required journal entries to record the bond issue, interest payments on December 31,2 value payment on December 31, 2023 and the bond retirement. Assume the bonds are retired on Ja no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fil Journal entry worksheet
