Using a Discount Amortization Table (Straight Line) Panamint Candy Company prepared the following amortization table for $500,000 of 5-year, 9.2% bonds issued and sold by Panamint on January 1, 2025, for $435,000: Discount Discount Cash Interest on Bonds on Bonds Payment Expense Payable Payable Carrying Period (Credit) (Debit) (Credit) Balance Value At issue 65,000 435,000 06/30/25 $23,000 $29,500 $6,500 58,500 441,500 12/31/25 23,000 29,500 6,500 52,000 448,000 06/30/26 23,000 29,500 6,500 45,500 454,500 12/31/26 23,000 29,500 6,500 39,000 461,000 06/30/27 23,000 29,500 6,500 32,500 467,500 12/31/27 23,000 29,500 6,500 26,000 474,000 06/30/28 23,000 29,500 6,500 19,500 480,500 12/31/28 23,000 29,500 6,500 13,000 487,000 06/30/29 12/31/29 Required: 23,000 29,500 23,000 6,500 6,500 493,500 29,500 6,500 0 500,000 1. Prepare the entry to recognize the sale of the bonds on January 1, 2025. If an amount box does not require an entry, leave it blank. 2025 Jan. 1 Record issuance of bonds at discount 000 000 88