Prepare a bond amortization schedule.

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

On January 1, 2018, 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, 2020. 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, 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 1 Req 2 to 5 Prepare a bond amortization schedule. Changes During the Period Ending Bond Liability Balances Discount on Carrying Period Ended Cash Paid Discount Amortized Interest Bonds Bonds Payable Expense Value Payable $ 510,000 510,000 01/01/18 510,000 12/31/18 510,000 510,000 510,000 12/31/19 510,000 12/31/20 510,000 Req 2 to 5 Req 1 Req 2 to 5 Req 1 Prepare the journal entries to record the bond issue, the interest payments on December 31, 2018 and 2019, the interest and fac value payment on December 31, 2020 and the bond retirement. Assume the bonds are retired on January 1, 2020, at a price of 9 no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 3 4 Record the issuance of 510 bonds at face value of $1,000 each for $496,617. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, 2018 Cash 496,617 Discount on Bonds Payable Bonds Payable Record entry Clear entry View general journal Reg 2 to 5 Reg 1 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 3 4 5 Record the interest payment on December 31, 2018. Note: Enter debits before credits. Debit Date General Journal Credit Dec 31, 2018 Clear entry View general journal Record entry Reg 2 to 5 Req 1 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 3 4 Record the interest payment on December 31, 2019. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019 Record entry Clear entry View general journal Req 2 to 5 Req 1 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 2 4 Record the interest and face value payment on December 31, 2020. Note: Enter debits before credits. Credit Date General Journal Debit Dec 31, 2020 Record entry Clear entry View general journal Req 2 to 5 Req 1 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 2 3 4 5 Record the retirement of the bonds at a quoted price of 97, assuming the bonds are retired on January 1, 2020. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, 2020 Record entry Clear entry View general journal