Presented below is a partial amortization schedule for Discount Pizza (1) (3) (4) Increase (5) 10 points (2) Cash Paid for Interest in Period Issue date Interest Expense Carrying Value Carrying Value $55,736 55,887 56,043 $1,800 1,800 $1,951 1,956 $151 156 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $60,000. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No General Journal Credit Transaction 1 Debit 55,736 Cash Bonds Payable 55,736 x 2 2 1,951 Interest Expense Bonds Payable Cash 151 1,800 3. Interest expense increases each period because the carrying value of the debt issued at a discount increases over time. True False