Prepare the journal entry for the issuance of these bonds. Assume the bonds are issued for cash on January 1, 2017. Garcia Company issues 13.50%, 15-year bonds with a par value of $490,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 11.50%, which implies a selling price of 112 1/4. View transaction list Journal entry worksheet