Presented below is a partial amortization schedule for Premium Pizza. (1) (2) (3) (4) (5) Period Cash Paid for Interest Interest Expense Decrease in Carrying Value Carrying Value Issue date $ 76,860 1 $ 2,450 $ 2,306 $ 144 76,716 2 2,450 2,301 149 76,567 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.)