Garcla Company issues $8\mathrm{.}5\%,15-$year bonds with a par value of $$300,000$ and semiannual Interest payments. On the issue date, the annual market rate for these bonds is $6\mathrm{.}5\%,$ which implies a selling price of $\frac{1141}{2}$

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

Journal entry worksheet

$1$

Record the issue of bonds with a parvalue of $$300,000$ at a selling price of $\frac{1141}{2}.$

Note: Enter cebls beiore credits:

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$