PA10-6 (Supplement 10A) Recording Bond Issue, Interest Payments (Straight-Line Amortization), and Early Bond Retirement [LO 10-S1] On January 1, 2015, Loop Raceway issued 610 bonds, each with a face value of S1,000, a stated interest rate of 6% paid annually on December 31, and a maturity date of December 31, 2017. On the issue date the market interest rate was 7 percent, so the total proceeds from the bond issue were S593,992. 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. Changes During the Period Ending Bond Liability Balances Discount Carrying on Bonds Value Period Cash Discount Interest Bonds Payable Payable EndedPaidAmortized Expense P 01/01/15 12/31/15 12/31/16 12/31/17