Garcia Company issues $10\%,15-$year bonds with a par value of $$240,000$ and semiannual interest payments. On the issue date, the annual market rate for these bonds is $8\%,$ which implies a selling price of $117.$

Prepare the journal entry for the issuance of these bonds for cash on January $1.$Record the issue of bonds with a par value of $$240,000$ at a selling price of $117.$