Garcia Company issues $13\mathrm{.}5\%,15-$year bonds with a par value of $$490,000$ and semiannual interest payments. On the issue date, the annual market rate for these bonds is $11\mathrm{.}5\%,$ which implies a selling price of $1121/4.$

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