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Presented below is a partial amortization schedule for Discount Pizza. (3) (4) Increase (5) (2) Cash Paid for Interest Interest Expense Carrying Value Carrying Valve Period Issue date 49.614 $1.400 1.400 $1,486 1.488 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $56,000. (If ne required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the bond issue. Note: Enter debits before credits Debit General Journal Transaction Credit Record the bond issue. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal 3. Interest expense increases each period because the carrying value of the debt issued at a discount increases over tin True False (Prey 8 of 10 !!! Next > Pretzelmania, Inc., issues 5%, 20-year bonds with a face amount of $56,000 for $49,577 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid annually on December 31. Required: 1. & 2. Record the bond issue and first interest payment on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Round your intermediate computations and final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet