Question: Pretzelmania, Inc., issues 7 % , 1 0 - year bonds with a face amount of $ 7 0 , 0 0 0 for $

Pretzelmania, Inc., issues 7%,10-year bonds with a face amount of $70,000 for $70,000 on January 1,2021. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid semiannually on June 30 and December 31.
Required:
& 2. Record the bond issue and first interest payment on June 30,2021.(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.
Pretzelmania, Inc., issues 7%,10-year bonds with a face amount of $70,000

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