Brief Exercise 9-14 Interpret a bond amortization schedule (LO9-6) Presented below is a partial amortization schedule for Discount Pizza.

(1)	(2)	(3)	(4)	(5)
Period	Cash Paid for Interest	Interest Expense	Increase in Carrying Value	Carrying Value
Issue date				$60,141
1	$1,700	$1,804	$104	60,245
2	1,700	1,807	107	60,352

1. & 2. Record the bond issue and first interest payment assuming the face value of bonds payable is $68,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

3. Interest expense increases each period because the carrying value of the debt issued at a discount increases over time.