Garcia Company issues 11.0%, 15-year bonds with a par value of $260,000 and semiannual interest payments. On the issue date annual market rate for these bonds is 9.0%, which implies a selling price of 116 1/4. Prepare the journal entry for the issuance of these bonds for cash on January 1. View transaction list Journal entry worksheet < 1 Record the issue of bonds with a par value of $260,000 at a selling price of 116 1/4. Note: Enter debits before credits. Date January 01 Cash General Journal Debit Credit Premium on bonds payable Bonds payable + Record entry Clear entry View general journal