Park Corporation is planning to issue bonds with a face value of $650,000 and a coupon rate of 7.5 percent. The bonds mature in 8 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Park uses the effective-interest amortization method and does not use a discount account. Assume an annual market rate of interest of 8.5 percent. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.)

Required: 1. Prepare the journal entry to record the issuance of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answer to whole dollars.) View transaction list Journal entry worksheet Record the issuance of bonds. Note: Enter debits before credits Date General Journal Debit Credit January 01 Cash 612,820 Bonds payable Record entry Clear entry View general journal