Question: On January 1, 2020, Loop de Loop Raceway Issued 700 bonds, each with a face value of $1,000, a stated Interest rate of 6 percent

On January 1, 2020, Loop de Loop Raceway Issued 700 bonds, each with a face value of $1,000, a stated Interest rate of 6 percent pald annually on December 31, and a maturity date of

On January 1, 2020, Loop de Loop Raceway Issued 700 bonds, each with a face value of $1,000, a stated Interest rate of 6 percent pald annually on December 31, and a maturity date of December 31, 2022 . On the issue date, the market Interest rate was 7 percent, so the total proceeds from the bond Issue were \$681,631. Loop de Loop uses the straight-line bond amortization method. Required: 1. Prepare a bond amortization schedule. 2 Prepare the Journal entry to record the bond issue. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits betare credits. 5. Assume the bonds are retired on January 1, 2022 at a price of 98 . Give the journal entrles to record the bond retirement. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter dehits betore cred its. 3. Prepare the Journal entrles to record the Interest payments on December 31,2020 , and 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the interest payments on December 31, 2020. Note: Enter debits before credits. 4. Prepare the Journal entry to record the Interest and face value payment on December 31, 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the interest and face value payment on December 31, 2022. Note: Enter debits before crecits

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