Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount of $53,000 for $53,000 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.) View transaction list Journal entry worksheet 1 2 Record the bond issue. Note: Enter debits before credits. General Journal Date Debit Credit January 01, 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet