Panamint Candy Company prepared the following amortization table for $300,000 of 5-year, 9% bonds issued and sold by Panamint on January 1, 2021, for $285,000:

Required:
1. Prepare the entry to recognize the sale of the bonds on January 1, 2021.
2. Prepare the entry to recognize the first interest payment on June 30, 2021.
3. Determine the interest expense for these bonds that Panamint will report on its 2023 income statement.
4. Indicate how these bonds will appear in Panamint's December 31, 2024 balance sheet.