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Prepare the journal entry for the issuance of these bonds

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    Assignment ID: FG133135216

    Question – Garcia Company issues 8.0%, 15-year bonds with a par value of $380,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 6.0%, which implies a selling price of 116 3/4. Prepare the journal entry for the issuance of these bonds for cash on January 1.

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