Instructions Panamint Candy Company prepared the following amortization table for $700,000 of 5-year, 5% bonds issued and sold by Panamint on January 1, 2021, for $687,000: Cash Payment (Credit) Interest Expense (Debit) Discount on Bonds Payable (Credit) Period Discount on Bonds Payable Balance $13,000 11,700 Carrying Value $687,000 At issue $17.500 $18,800 $1,300 688,300 06/30/21 12/31/21 18,800 1,300 10,400 17.500 17,500 06/30/22 18,800 1,300 9.100 689,600 690,900 692 200 693,500 12/31/22 1,300 7,800 17.500 17.500 18,800 18,800 06/30/23 1,300 6.500 12/31/23 17,500 5,200 694.800 696,100 06/30/24 18,800 18,800 18,800 17.500 1,300 3,900 12/31/24 17,500 1,300 2,600 697.400 06/30/25 17,500 18,800 1,300 1,300 698,700 12/31/25 17,500 18,800 1,300 0 700,000 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