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 14. Answer is complete but not entirely correct. No Date General Journal Debit Credit Jan 01, 2017 Cash 303.550 Bonds payable Premium on bonds payable 260,000