On January 1, 2015, Loop Raceway issued 600 bonds, each with a face value of $1,000, a stated interest rate of 5% paid annually on December 31, and a maturity date of December 31, 2017. On the issue date, the market interest rate was 6 percent, so the total proceeds from the bond issue were $583,950. Loop uses the straight-line bond amortization method and adjusts for any rounding errors when recording interest in the final year Required Prepare a bond amortization schedule. Cash Discount EndedPaidAmortized Expense Payable on BondsCarrying 2 31/15 1231/16 23117 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 98. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the issuance of 600 bonds at face value of $1,000 each for $583,950 January 01. 2015