Two journal entries required:

1. Record the bond issue

2. Record the first interest payment.

Presented below is a partial amortization schedule for Discount Foods: Carrying Increase in Interest Period Cash Paid Carrying Value Value Expense $74,800 75,192 75,600 Issue Date $2,992 3,008 $2,600 2,600 $392 1 2 408 Required: 1. & 2. Record the bond issue assuming the face value of bonds payable is $85,000 and first interest payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the bond issue. Note: Enter debits before credits. Event Credit General Journal Debit 1 Record entry Clear entry View general journal