Presented below is a partial amortization schedule for Discount Foods: Period Issue Date Cash Paid Interest Expense Increase in Carrying Value Carrying Value $ 74,200 1 $ 2,200 $ 2,987 $ 787 74,987 2 2,200 2,997 797 75,784 1. Record the bond issue assuming the face value of bonds payable is $85,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Record the first interest payment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)