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Garcia Company issues 11.5%,15-year bonds with a par value of $450,000 and semiannual interest payments....

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Accounting

Garcia Company issues 11.5%,15-year bonds with a par value of $450,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 9.5%, which implies a selling price of 113?.
Prepare the journal entry for the issuance of these bonds for cash on January 1.
Journal entry worksheet
1133/4
Record the issue of bonds with a par value of $450,000 at a selling price of 1133/4.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[January 01,,,],[,,,],[,,,],[,,,],[,,,]]
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