Qu. 159 Presented below is a partial amortization schedule...

Period Issue Date	Cash Paid	Interest Expense	Increase in Carrying Value	Carrying Value
				$ 74,200
1	$ 2,700	$ 2,987	$ 287	74,487
2	2,700	2,997	297	74,784

1. Record the bond issue assuming the face value of bonds payable is $85,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2. Record the first interest payment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)