Question: Pretzelmania, Inc., issues 5%, 20-year bonds with a face amount of $53,000 for $60,203 on January 1, 2021. The market interest rate for bonds of

Pretzelmania, Inc., issues 5%, 20-year bonds with a face amount of $53,000 for $60,203 on January 1, 2021. 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 and first interest payment on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your intermediate computations and final answers to the nearest whole dollar amount.)

Required:

1. & 2. Record the bond issue and first interest payment on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your intermediate computations and final answers to the nearest whole dollar amount.)

Record the bond issue on January 1, 2021.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
January 01, 2021

Record the first interest payment on December 31, 2021.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
December 31, 2021

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