Presented below is a partial amortization schedule for Premium Pizza. (1) Period (2) Cash Paid for Interest (3) Interest Expense (4) Increase in Carrying Value (5) Carrying Value Issue Date $70,480 1 $1,550 $1,410 $140 70,340 2 1,550 1,407 143 70,197 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $62,000. 3. Interest expense decreases each period because the carrying value of the debt issued at a premium decreases over time.