Presented below is a partial amortization schedule for Premium Pizza. (2) (3) (4) (5) Cash Paid Decrease in Interest Carrying Carrying Period Interest Expense Value Value Issue date $70,860 $2,450 $ 2,306 5144 76, 716 2 2,450 2, 301 149 76,567 for 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.) Journal entry worksheet Record the issuance of bond. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Journal entry worksheet