Question: Presented below is a partial amortization schedule for Premium Foods: Interest Increase in Carrying Period Cash Paid Expense Carrying Value Value Issue Date $ 85,900

Presented below is a partial amortization schedule for Premium Foods:

Interest Increase in Carrying
Period Cash Paid Expense Carrying Value Value
Issue Date $ 85,900
1 $ 4,000 $ 3,436 $ 564 85,336
2 4,000 3,413 587 84,749

Record the bond issue assuming the face value of bonds payable is $80,000 and first interest payment.

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