Pretzelmania, Inc., issues 5%, 20-year bonds with a face amount of $56,000 for $63,611 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.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 January 01, 2021 Cash 63,611 7,611 Discount on Bonds Payable Bonds Payable 56,000 2 December 31 2021 Interest Expense Discount on Bonds Payable Cash