Using a Discount Amortization Table (Straight Line) Panamint Candy Company prepared the following amortization table for $500,000 of 5-year, 9.2% bonds issued and sold by Panamint on January 1, 2025, for $466,000: Discount Discount Cash Interest Payment (Credit) Expense (Debit) on Bonds Payable (Credit) on Bonds Payable Balance Carrying Value Period At issue 34,000 466,000 06/30/25 $23,000 $26,400 $3,400 30,600 469,400 12/31/25 23,000 26,400 3,400 27,200 472,800 06/30/26 23,000 26,400 3,400 23,800 476,200 12/31/26 23,000 26,400 3,400 20,400 479,600 06/30/27 23,000 26,400 3,400 17,000 483,000 12/31/27 23,000 26,400 3,400 13,600 486,400 06/30/28 23,000 26,400 3,400 10,200 489,800 12/31/28 23,000 26,400 3,400 6,800 493,200 06/30/29 23,000 26,400 3,400 3,400 496,600 12/31/29 23,000 26,400 3,400 0 500,000 Required: 1. 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 2. 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 3. Determine the interest expense for these bonds that Panamint will report on its 2027 income statement. 4. Indicate how these bonds will appear in Panamint's December 31, 2028, balance sheet. Panamint Candy Balance Sheet (partial) December 31, 2024 Bonds payable