Enviro Company issues $10\%,10-$year bonds with a par value of $$290,000$ and semiannual interest payments. On the issue date, the annual market rate for these bonds is $12\%,$ which implies a selling price of $\frac{881}{2}.$

Prepare the journal entry for the issuance of the bonds for cash on January $1.$

$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[,$January $01,$Cash,$256,650,],[,,$Bonds payable,,$290,000],[,,$Discount on bonds payable,,$33,350]]$