Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount of $62,000 for $62,000 on January 1, 2018. The market interest rate for bonds of similar risk and maturity is 5%. Interest is paid annually on December 31.

1. & 2. Record the bond issue and first interest payment on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet 1 2 Record the bond issue. Note: Enter debits before credits. Date General Journa Debit Credit January 01, 2018 Record entry Clear entry View general journal