A corporation issues 8%, 10-year bonds with a par value of $650,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10%, which implies a selling price of 87. Prepare the journal entry for issuance of the bonds for cash on January 1. View transaction list Journal entry worksheet 1 Record the issue of bonds with a par value of $650,000. Note: Enter debits before credits. Date January 01 Cash General Journal Debit Credit Discount on bonds payable Bonds payable Record entry Clear entry View general journal