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Prepare the journal entry for the issuance of these bonds. Assume the bonds are issued for cash on January 1, 2015. Garcia Company issues 8.50%,
Prepare the journal entry for the issuance of these bonds. Assume the bonds are issued for cash on January 1, 2015. Garcia Company issues 8.50%, 15-year bonds with a par value of $300,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 6.50%, which implies a selling price of 114 1/2
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