Pretzelmania, Incorporated, issues 7%,15-year bonds with a face amount of $70,000 for $63,948 on January 1 , 2024. The market interest rate for bonds of simllar risk and maturity is 8%. Interest is paid semiannually on June 30 and December 31. Required: 1. \& 2. Record the bond issue on January 1, 2024 and first interest payment on June 30, 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.)