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On January 1, 2021, Methodical Manufacturing issued 100 bonds, each with a face value of $1,000, a stated interest rate of 7 percent paid annually on December 31, and a maturity date of December 31, 2023. On the issue date, the market interest rate was 6.00 percent, so the total proceeds from the bond issue were $102,671. Methodical uses the simplified effective interest bond amortization method and adjusts for any rounding errors when recording interest in the final year.

Required:

1. 1. Prepare a bond amortization schedule.
2. 2-5. Prepare the required journal entries to record the bond issue, interest payments on December 31, 2021 and 2022, interest and face value payment on December 31, 2023, and bond retirement. Assume the bonds are retired on January 1, 2023, at a price of 102.

On January 1,2021 , Methodical Manufacturing issued 100 bonds, each with a face value of $1,000, a stated interest rate of 7 percent paid annually on December 31 , and a maturity date of December 31, 2023. On the issue date, the market interest rate was 6.00 percent, so the total proceeds from the bond issue were $102,671. Methodical uses the simplified 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 required journal entries to record the bond issue, interest payments on December 31,2021 and 2022 , interest and face value payment on December 31, 2023, and bond retirement. Assume the bonds are retired on January 1, 2023, at a price of 102. Complete this question by entering your answers in the tabs below. Prepare the required journal entries to record the bond issue, interest payments on December 31, 2021 and 2022, interest and face value payment on December 31,2023, and bond retirement. Assume the bonds are retired on January 1, 2023, at a price of 102. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar.) Show less Journal entry worksheet