Pretzelmania, Incorporated, issues $7\%,15-$year bonds with a face amount of $$70,000$ for $$76,860$ on

January $1,2024.$ The market interest rate for bonds of similar risk and maturity is $6\%.$ Interest is paid

semiannually on June $30$ and December $31.$

Required:

& $2.$ Record the bond issue on January $1,2024$ and first interest payment on June $30,2024.($If no

entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first

account field. Do not round your intermediate calculations. Round final answers to the nearest

whole dollar.$)$