Qu. 160 Presented below is a partial amortization... Presented below is a partial amortization schedule for Premium Foods:

Period Issue Date	Cash Paid	Interest Expense	Decrease in Carrying Value	Carrying Value
				$ 85,959
1	$ 2,900	$ 2,586	$ 314	85,645
2	2,900	2,578	322	85,323

1. Record the bond issue assuming the face value of bonds payable is $76,000. (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.)