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Pretzelmania, Inc., issues 7 % , 1 5 - year bonds with a face amount of $ 7 0 , 0 0 0 for $

Pretzelmania, Inc., issues 7%,15-year bonds with a face amount of $70,000 for $64,008 on January 1,2021. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid annually on December 31.
Required:
& 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.)
Journal entry worksheet
1
2
Record the bond issue on January 1,2021.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[January 01,2021,,,],[,,,],[,,,],[,,,],[,,,]]
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