Pretzelmania, Inc., issues $7\%,10-$year bonds with a face amount of $$70,000$ for $$70,000$ on January $1,2021.$ The market interest rate for bonds of similar risk and maturity is $7\%.$ Interest is paid semiannually on June $30$ and December $31.$

Required:

$1.$ & $2.$ Record the bond issue and first interest payment on June $30,2021.($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$