Question: Pizza Pier issues 7%, 11-year bonds with a face amount of $70,000 for $75,578 on January 1, 2018. The market interest rate for bonds of

Pizza Pier issues 7%, 11-year bonds with a face amount of $70,000 for $75,578 on January 1, 2018. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid semiannually on June 30 and December 31.

1. Record the bond issue

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