Davis Corp, issued 8% seven-year bonds payable with a face amount of $50,000 when the market interest rate was 8%. Davis's fiscal year-end on December 31. The bonds pay interest on January 1 and July 1. Read the requirement Dpt a. Issuance of the bonds payable at par on July 1, 2018 Journal Entry Date Accounts and Explanations me Debit Credit nts 2018 Jul 1 n eTex