Garcia Company issues 11.5%, 15-year bonds with a par value of $270,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 9.5%, which implies a selling price of 115 3/4. Prepare the journal entry for the issuance of these bonds for cash on January 1. View transaction list View journal entry worksheet No 1 Date January 01 General Journal Cash Premium on bonds payable Bonds payable Debit Credit

Garcia Company issues 115%,15-year bonds with a par value of $270,000 and semiannual interest payments, On the issue date, th annual market rate for these bonds is 9.5% which implies a selling price of 1153/4. Prepare the journal entry for the issuance of these bonds for cash on January 1