Sawada Insurance Ltd. issues bonds with a face value of $100 million that mature in 12 years. The bonds carry a 7.1% interest rate and are sold at 113.92 to yield 5.596. They pay interest semi-annually Your answer is partially correct. Try again. Calculate the proceeds on issuance of the bonds, and show the journal entry to record the issuance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Proceeds on Issuance of the Bonds 100,000,000 Account Titles and Explanation Debit Credit Cash 100,000,000 Notes Payable 100,000,000