Presented below is a partial amortization schedule for Discount Foods:

Period Issue Date	Cash Paid	Interest Expense	Increase in Carrying Value	Carrying Value
				$ 74,700
1	$ 2,500	$ 2,984	$ 484	75,184
2	2,500	2,996	496	75,680

1. Record the bond issue assuming the face value of bonds payable is $80,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)