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				$58,467
1	$2,240	$2,339	$99	58,566
2	2,240	2,343	103	58,669

1. & 2. Record the bond issue and first interest payment assuming the face value of bonds payable is $64,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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

true or false?