Presented below is a partial amortization schedule for Premium Foods:

Period Issue Date	Cash Paid	Interest Expense	Decrease in Carrying Value	Carrying Value
				$ 85,960
1	$ 2,800	$ 2,588	$ 212	85,748
2	2,800	2,570	230	85,518

1. Record the bond issue assuming the face value of bonds payable is $75,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)