On January 1, 2021, Surreal Manufacturing issued 530 bonds, each with o face value of $1,000,0 stated fnterest rate of 3 percent pald annually on December 31, and a matuity date of December 31, 2023. On the Issue date, the market interest rate was 4 percent, so the total proceeds from the bond issue were $515,294. Surreal uses the effective-interest 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 joumal 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 reared 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. (Round your answers to the nearest whole dollar. Make sure that the Carrying value equals face value of the bond in the last period. Interest expense in the last period will result in the amount in Oiscount Amortized equaling Discount on Bonds Payable.) On January 1, 2021, Surreal Manufacturing issued 530 bonds, each with a face value of $1,000, a stated interest rate of 3 plercent pald annualy on December 31, and a maturity date of December 31, 2023. On the issue date, the market interest rate was 4 percent, so the total proceeds from the bond is5ue were $515,294. Surreal uses the effective-interest bond amorization 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 joumal entries to record the bond issue, the interest payments on December 31,2021 gad 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 the joumal entries to record the bond issue, the interest payments on December 31, 2021 and 2022, the interebt and foce value payment on December 31,2023 and the bond retirement. Assume the bonds are retired on lanuary 1, 2023, at a price of 103. (If no entry is required for a transoction/event; select "No Joumal Entiy fequired" in the first account field. Round yout answers to the nearest. whole dollar amountJ Journal entry worksheet 23:45 Record the issuance of 530 bonds at face value of $1,000 each for $515,294. Noteli Encer debits bezcore creditz= Complete this question by entering your answers in the tabs below. Prepare the journal entries to record the bond issue, the interest payments on December 31,2021 payment on December 31,2023 and the bond retirement. Assume the bonds are retired on Janua entry is required for a transaction/event, select "No Journal Entry Requited" in the first account fie whole dollar amount.) Journal entry worksheet Note: Eriber debits before credits. Journal entry worksheet 5 Record the interest payment on December 31, 2022. Note: Enter debits before credits. Journal entry worksheet Record the interest and face value payment on December 31,2023. Note: Enter debits before credits. Journal entry worksheet Record the retirement of the bonds at a quoted price of 103 , assuming the bonds are retired on January 1, 2023. Note: Enter debits before credits
