Prepare the journal entry for the issuance of these bonds. Assume the bonds are issued for cash on January 1, 2016. Garcia Company issues 12.00%, 15-year bonds with a par value of $370,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10.00%, which implies a selling price of 115 38. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $370,000. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, 2016 . Record entry Clear entry View general journal