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Exercise 9-75 (Algorithmic) 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, 2021, for $474,000: Carrying Value 474,000 476,600 479,200 Discount Discount Cash Interest on Bonds on Bonds Payment Expense Payable Payable Period (Credit) (Debit) (Credit) Balance At issue 26,000 06/30/21 $23,000 $25,600 $2,600 23,400 12/31/21 23,000 25,600 2,600 20,800 06/30/22 23,000 25,600 2,600 18,200 12/31/22 23,000 25,600 2,600 15,600 06/30/23 23,000 25,600 2,600 13,000 12/31/23 23,000 25,600 2,600 10,400 06/30/24 23,000 25,600 2,600 7,800 12/31/24 23,000 25,600 5,200 06/30/25 23,000 25,600 2,600 2,600 12/31/25 23,000 25,600 481,800 484,400 487,000 489,600 492,200 2,600 494,800 497,400 2,600 0 500,000 Udlculator Required: 1. Prepare the entry to recognize the sale of the bonds on January 1, 2021. 2021 Jan. 1 Cash Discount on Bonds Payable DOO Bonds Payable Record issuance of bonds at discount Feedback Check My Work 1. When bonds are issued, any premium or discount is recorded in a separate valuation account. 2. Prepare the entry to recognize the first interest payment on June 30, 2021. 2021 June 30 Interest Expense Cash Discount on Bonds Payable Record interest expense Feedback Check My Work Save and Exit GLUUN SHOW MU HUW Calculator 3. Determine the interest expense for these bonds that Panamint will report on its 2023 income statement. $ Feedback Check My Work 3. Any premium or discount is amortized to interest expense over the life of the loan. 4. Indicate how these bonds will appear in Panamint's December 31, 2024 balance sheet. Panamint Candy Company Balance Sheet (partial) December 31, 2024