A corporation issues 12%,15-year bonds with a par value of $600,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10%, which implies a selling price of 1121/4. Prepare the journal entry for issuance of these bonds for cash on January 1. Journal entry worksheet Record the issue of bonds with a par value of $600,000 at a selling price of 1121/4. Note: Enter debits before credits