Brief Exercise $9-11($Algo$)$ Record bond issue at face amount and related annual interest $($LO$9-5)$

Pretzelmania, Incorporated, issues $5\%,10-$year bonds with a face amount of $$50,000$ for $$50,000$ on January $1,2024.$ Interest is paid annually on December $31.$

Required:

& $2.$ 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.$)$