Presented below is a partial amortization schedule for Discount Pizza. (1) Period (2) Cash Paid for Interest (3) Interest Expense (4) Increase in Carrying Value (5) Carrying Value Issue Date $49,528 1 $1,400 $1,486 $86 49,614 2 1,400 1,488 88 49,702 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $56,000. 3. Interest expense increases each period because the carrying value of the debt issued at a discount increases over time