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.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,2021,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[8,,,],[,,,]]$