Brief Exercise 9-15 Interpret a bond amortization schedule (LO9-5) Presented below is a partial amortization schedule for Premium Pizza. (1) Period Issue date 2 (2) Cash (3) (4) (5) Paid Decrease in for Interest Carrying Carrying Interest Expense Value Value $76,860 $2,450 2,450 $2,306 2,301 $144 76,716 149 76,567 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $70,000. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. General Journal. No 1 Transaction 1 Cash Bonds Payable 2 2 Interest Expense Premium on Bonds Payable. Cash Debit Credit 76,8600 76,5670 2,306 1440 2,4500 3. Interest expense decreases each period because the carrying value of the debt issued at a premium decreases over time. True False