Garcia Company issues $11\mathrm{.}5\%,15-$year bonds with a par value of $$450,000$ and semiannual interest payments. On the issue date, the annual market rate for these bonds is $9\mathrm{.}5\%,$ which implies a selling price of $\frac{113}{?}.$

Prepare the journal entry for the issuance of these bonds for cash on January $1.$

Journal entry worksheet

$1133/4$

Record the issue of bonds with a par value of $$450,000$ at a selling price of $1133/4.$

Note: Enter debits before credits.

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