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Prepare the journal entry for the issuance of these bonds. Assume the bonds are issued for cash on January 1, 2017. Garcia Company issues 11.00%, 15-year bonds with a par value of $260,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 9.00%, which implies a selling price of 116 1A. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $260,000. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, 2017