pretzelmania inc issues 7 10 year bonds face amount 58000 64314 january 1 2012

Pretzelmania, Inc., issues a 7%, 10-year bonds with a face amount of $58,000 for $64,314 on January 1, 2012. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid semiannually on June 30 and December 31. Record the bond issue.