Refer to the information in BE9–8. Determine the financial statement effects of

(1) The bond issue on January 1, 2024, and 

(2) The first interest payment on June 30, 2024.

Data from in BE9-8

Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $70,000 for $70,000 on January 1, 2024. Interest is paid semiannually on June 30 and December 31.
1. Record the bond issue on January 1, 2024.
2. Record the first interest payment on June 30, 2024.