Question: Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $63,948 on January 1,2021 . The market interest rate for bonds of

Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of

Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $63,948 on January 1,2021 . The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid semiannually on June 30 and December 31 . Required: 1. \& 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. Round your intermediate computations and final answers to the nearest whole dollar amount.)

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