*complete the journal entry.

On January 1, 2015, Loop Raceway issued 540 bonds, each with a face value of $1,000, 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 $525, 829. Loop uses the straight-line bond amortization method and adjusts for any rounding errors when recording interest in the final year. Prepare a bond amortization schedule. Complete the required journal entries to record the bond issue, interest payments on December 31, 2015 and 2016 bond retirement. Assume the bonds are retired on January 1, 2017 at a price of 97. (If no entry is required for a transaction/even select "No Journal Entry Required" in the first account field.)