Panamint Candy Company prepared the following amortization table for $300,000 of 5-year, 9% bonds issued and sold by Panamint on January 1, 2021, for $285,000:

Required:
1. Prepare the entry to recognize the sale of the bonds on January 1, 2021.
2. Prepare the entry to recognize the first interest payment on June 30, 2021.
3. Determine the interest expense for these bonds that Panamint will report on its 2023 income statement.
4. Indicate how these bonds will appear in Panamint's December 31, 2024 balance sheet.

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Cash Interest Discount on Discount on Carrying Value Payment (Credit) Expense (Debit) Bonds Payable (Credit) Bonds Payable Balance Period S15,000 13,500 12,000 10,500 9,000 7,500 6,000 4,500 3,000 1,500 At issue $285,000 286,500 288,000 289,500 291,000 292,500 294,000 295,500 297,000 298, 500 300,000 06/30/21 S13,500 13,500 13,500 13,500 13,500 13,500 13,500 13,500 13,500 13,500 S15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 $1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 12/31/21 06/30/22 12/31/22 06/30/23 12/31/23 06/30/24 12/31/24 06/30/25 12/31/25