Using a Discount Amortization Table $($Straight Line$)$

Panamint Candy Company prepared the following amortization table for $$500,000$ of $5-$year, $9\mathrm{.}2\%$ bonds issued and sold by Panamint on January $1,2025,$ for $$439,000$ :

Required:

Prepare the entry to recognize the sale of the bonds on January $1,2025.$ If an amount box does not require an entry, leave it blank.

$2025$ Jan. $1$

Record issuance of bonds at discount

Prepare the entry to recognize the first interest payment on June $30,2025.$ If an amount box does not require an entry, leave it blank.

$2025$ June $30$

Record interest expense

Determine the interest expense for these bonds that Panamint will report on its $2027$ income statement.

$

Indicate how these bonds will appear in Panamint's December $31,2028,$ balance sheet.

Panamint Candy

Balance Sheet $($partial$)$

December $31,2028$

Bonds payable:

$