Garcia Company issues 110%, 15-year bonds with a par value of $440,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 9.0%, which implies a selling price of 114. Prepare the journal entry for the issuance of these bonds for cash on January 1. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $440,000 at a selling price of 114. Note Enter debits before credits Date Credit Debit 501600 Jan 01 General Journal Cash Premium on bonds payable Bonds payable Record entry Clear entry View general Journal