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Prepare the journal entry for the issuance of bonds for cash

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Question 1: Garcia company issues 13.5%, 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 11.5% which implies a selling price of 112 1/4. Prepare the journal entry for the issuance of these bonds for cash on January 1.

Reference no: EM132513664

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