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Pretzelmania, Inc., issues 5%, 20-year bonds with a face amount of $68,000 for $60,141 on...

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Accounting

Pretzelmania, Inc., issues 5%, 20-year bonds with a face amount of $68,000 for $60,141 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. 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

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