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Presented below is a partial amortization schedule for Discount Pizza. (2) (3) (5) Cash Paid Increase in for Interest Carrying Carrying Period Interest Expense Value Value Issue date $63, 948 $2,450 $ 2,558 $108 64,056 2 2,450 2,562 112 64, 168 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $70,000. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) Journal entry worksheet Record the first interest payment. Note: Enter debits before credits Transaction General Journal Debit Credit 2 View general journal Record entry Clear entry 3. Interest expense increases each period because the carrying value of the debt issued at a discount increases over time. True O False