Question: im having trouble finding the changes during period and ending bond liability balances. On January 1, 2021, Loop Raceway issued 630 bonds, each with a






On January 1, 2021, Loop Raceway issued 630 bonds, each with a face value of $1,000, a stated interest rate of 5 percent paid annually on December 31, and a maturity date of December 31, 2023. On the issue date, the market interest rate was 6 percent, so the total proceeds from the bond issue were $613,148. 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 31,2021 and 2022 , the interest and fac value payment on December 31,2023 and the bond retirement. Assume the bonds are retired on January 1,2023, at a price of 98 Complete this question by entering your answers in the tabs below. Prepare a bond amortization schedule. 1. Prepare a bond amortization schedule. 2-5. Prepare the journal entries to record the bond issue, the interest payments on December 31, 2021 and 2022. the interest and face value payment on December 31, 2023 and the bond retirement. Assume the bonds are retired on January 1, 2023, at a price of 98 Complete this question by entering your answers in the tabs below. Prepare a bond amortization schedule. Journal entry worksheet 2 4 5 Record the issuance of 630 bonds at face value of $1,000 each for $613,148. Note- Enter debits before credits. Journal entry worksheet 5 Record the interest payment on December 31, 2021. Note: Enter debits before credits. Journal entry worksheet 1 5 Record the interest payment on December 31,2022. Note: Enter debits before credits. Journal entry worksheet 1 2 Record the interest and face value payment on December 31, 2023. Note: Enter debits before credits. Journal entry worksheet 1 2 3 Record the retirement of the bonds at a quoted price of 98 , assuming the bonds are retired on January 1,2023. Note: Enter debits before credits
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