Garcia company issues 10%, 15-year bonds with a par value of $240,000 and semiannual interest payments. on the issue date, the annual market rate for these bonds is 8%, which implies a selling price of 117¼. prepare the journal entry for the issuance of these bonds. assume the bonds are issued for cash on january 1.

The journal entry for the issue of bond for cash is shown below:

Explanation:

January 1

Cash A/cDr  $281,400

   Bonds Payable A/cCr $240,000

    Premium on Bonds Payable A/cCr $41,400

Working Notes:

Cash = Bonds Par Value × Selling Price

= $240,000 × 117.25 %

= $281,400

Premium on bonds payable = Cash - Bonds Payable

= $281,400 - $240,000

= $41,400

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