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Garcia Company issues 8 . 5 % , 1 5 - year bonds with a par value of $ 3 9 0 , 0 0

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Garcia Company issues 8.5%,15-year bonds with a par value of $390,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 6.5%, which implies a selling price of 11614.
Prepare the journal entry for the issuance of these bonds for cash on January 1.
Journal entry worksheet
1
Record the issue of bonds with a par value of $390,000 at a selling price of 1161/4.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[January 01,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]
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