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Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount of $68,000 for $68,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 5%. Interest is paid annually on December 31. Required: 1. & 2. Record the bond issue and first interest payment on December 31, 2021. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) No Credit Answer is complete but not entirely correct. Date General Journal Debit January 01, 2021 Cash 68,000 Bonds Payable 1 e 68.000 > 1,700 2 December 31, 202 Interest Expense 1,700 Cash