Question: On January 1, 2013, Loop de Loop Raceway issued 620 bonds, each with a face value of $1,000, a stated nterest rate of 7 percent

On January 1, 2013, Loop de Loop Raceway issued 620 bonds, each with a face value of $1,000, a stated nterest rate of 7 percent paid annually on December 31, and a maturity date of December 31, 2015 On the issue dase.the market interest rate was 8 percent, so total proceeds tom d 604,002. Loop de Loop uses the straight-ine bond amortization method. Required: 1. Prepare a bond amortization schedule. During the Interest Bonds Discount on Ended Cash PaidAmortized Expense Bonds Carrying 01/01/13 1231/13 12/31/14 12/31/15 2. Prepare tejournal entry to record te bond issue. (rno entry isrequired for atransactone select "No journal entry required" in the first account field Journal entry worksheet Record the issuance of bond. Date DebitCredit Jan 01, 2013 3. Prepare the journal entries to reooed the interest payments on December 31, 2013 and 2014 no entry is required for a transaction event, selectNo journal entry required-in the first account eld Journal entry worksheet Record the interest payments on December 31, 2013

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