On January 1,2021, Surreal. Manufacturing issued 520 bonds, each with a face value of $1,000, a stated interest rate of 3 percent paid annually 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 issue were $505,572. Surreal uses the simplified effective-interest bond amortization method and adjusts for any rounding errors when recording interest in the final yeat. Required: 1. Prepare a bond amortization schedule. 2-5. Prepare the journal entries to record the bond issue, the interest poyments 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 101. Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of $51,100 in its bank account. The note has a 3 -year term, compounds 5 percent interest annually, and requires an annual installment payment on December 31 . Cucina Corporation has a December 31 year-end and adjusts its accounts only at year-end. Required: 1. Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. 2. Prepare the journal entries on (a) January 1, 2021, and December 31 of (b) 2021, (c) 2022, and (d) 2023. 3. If Cucina Corporation's year-end were March 31, rather than December 31, prepare the adjusting journal entry it would make for this note on March 31, 2021. Complete this question by entering your answers in the tabs below. Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. (Do not round intermediate calculations. Round final answers to nearest whole dollar.) On January 1,2021, Surreal Manufacturing issued 630 bonds, each with a face value of $1,000, a stated interest rate of 3 percent paid annually 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 issue were $612,519. 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 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 101. 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 Discount Amartized equaling Discount on Bonds Payable.) On January 1,2021, Loop Raceway issued 510 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 $496,617. 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 97. Complete this question by entering your answers in the tabs below. Prepare a bond amortization schedule
