PA10-6 (Supplement 10A) Recording Bond Issue, Interest Payments (Straight-Line Amortization), and Early Bond Retirement (LO 10-S1) On January 1, 2018, Loop Raceway issued 640 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, 2020. On the issue date, the market interest rate was 7 percent, so the total proceeds from the bond issue were $623,205. 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, 2018 and 2019, the interest and face value payment on December 31, 2020 and the bond retirement. Assume the bonds are retired on January 1, 2020, at a price of 97 Complete this question by entering your answers in the tabs below. Req 2 to 5 Req I Prepare a bond amortization schedule. Ending Bond Liability Balances Changes During the Period Discount on Bonds Payable Carrying Value Interest Bonds Cash Discount Period Ended Payable Expense Paid Amortized 01/01/18 0 12/31/18 Next 6 of 6 -5. Prepare the journal entries to record the bond issue, the interest payments on December 31, 2018 and 2019, the interest and face value payment on December 31, 2020 and the bond retirement. Assume the bonds are retired on January 1, 2020, at a price of 97. Complete this question by entering your answers in the tabs below 2 uks Req 1 Req Prepare the journal entries to record the bond issue, the interest payments on December 31, 2018 and 2019, the interest and face value payment on December 31, 2020 and the bond retirement. Assume the bonds are retired on January 1,2020, at a price of 97. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 5 4 Record the issuance of 640 bonds at face value of $1 000 each for $623,205. Note: Enter debits before credits Credit Debit General Journal Date Jan 01, 2018 Next 6 of 6