PA10-6 (Static) (Supplement 10A) Recording Bond Issue, Interest Payments (Straight-Line Amortization), and Early Bond Retirement [LO 10-S1) On January 1, 2021, Loop Raceway issued 600 bonds, each with a face value of $1,000, a stated interest rate of 5 percent paid annually on December 31, and a maturity date of December 31, 2023. On the issue date, the market interest rate was 6 percent, so the total proceeds from the bond issue were $583,950. 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 on January 1, 2023, at a price of 98. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 to 5 Pok nt Prepare a bond amortization schedule. ences Changes During the Period Ending Bond Liability Balances Period Ended Cash Paid Discount Amortized Interest Expense Bonds Payable Discount on Bonds Payable Carrying Value $ 0 01/01/21 12/31/21 12/31/22 0 0 0 0 0 Oo 12/31/23 0 Req 1 Reg 2 to 5 Prepare the journal entries to record the bond issue, the interest payments on December 31, 2021 and 2022, the interest value payment on December 31, 2023 and the bond retirement. Assume the bonds are retired on January 1, 2023, at a pric no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet