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QS 10-8 (Algo) Journalizing premium bond issuance LO P3 Garcia Company issues 8.5%, 15-year bonds...

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QS 10-8 (Algo) Journalizing premium bond issuance LO P3 Garcia Company issues 8.5%, 15-year bonds with a par value of $390,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 6.5%, which implies a selling price of 1161/4. Prepare the journal entry for the issuance of these bonds for cash on January 1. Journal entry worksheet Record the issue of bonds with a par value of $390,000 at a selling price of 1161/4. Note: Enter debits before credits

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