On Jan. 1, Year 1, Foxcroft Inc. issued 110 bonds with a face value of $1,000 for $121,800. The bonds had a stated rate of 7% and paid interest semi-annually. a What is the journal entry to record the issuance of the bonds? If an amount box does not require an entry, leave it blank. Jan. 1 Cash 121,800 Premium on Bonds Payable 118.800 x Bonds Payable 3,000 X Feedback Chuck My Work The cash collected is the amount of the issuance of the bonds. Remember that the bond liability is represented by the face value. Depending on the cash an discount or premium