Garcia Company issues $10\mathrm{.}5\%,15-$year bonds with a par value of $$250,000$ and semiannual interest payments. On the issue date, the annual market rate for these bonds is $8\mathrm{.}5\%,$ which implies a selling price Of $116\frac{3}{4}.$

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 par value of $$250,000$ at a selling price of $\frac{1163}{4}.$

Note: Enter debits before credits.

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