Pretzelmania, Incorporated, issues 5%, 20-year bonds with a face amount of $62,000 for $70,426 on January 1, 2024. The market interest rate for bonds of similar risk and maturity is 4%. Interest is paid annually on December 31.

Required:

1. & 2. Record the bond issue on January 1, 2024 and first interest payment on December 31, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations. Round final answers to the nearest whole dollar.)