_{please answer parts 1 and 2 of the question.}

Pizza Pier issues 7%, 10-year bonds with a face amount of $80,000 on January 1, 2015. The market interest rate for bonds of similar risk and maturity is also 7%. Interest is paid semiannually on June 30 and December 31. Record the bond issue. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)