Presented below is the partial bond discount amortization schedule for Concord Corporation, which uses the effective-interest method of amortization. Interest Periods Interest to Be Paid Interest Expense to Be Recorded Discount Amortization Issue date Bond Unamortized Carrying Discount Value $44,004 $1,095,996 40,504 1,099,496 36,829 1,103,171 1 $51,300 51,300 $54,800 54,975 $3,500 3,675 2 (a) Prepare the journal entry to record the payment of interest and the discount amortization at the end of period 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit