Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $57,000 for $57,000 on January 1, 2018. The market interest rate for bonds of similar risk and maturity is 7%. 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.)