Pretzelmania, Inc., issues 6%, 10-year bonds with a face amount of $66,000 for $71,096 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. Round your intermediate computations and final answers to the nearest whole dollar amount.)