Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount of $59,000 for $59,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 5%. Interest is paid...

Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount of $59,000 for $59,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 5%. Interest is paidannually on December 31.

1-Record the bond issue on January 1, 2021