2 On May 1, Drake Company issued $500,000, 9%, 10-year bonds for $534,880 when the market rate was 8%. The journal entry for the first semiannual interest payment and bond premium amortization on November 1, using the effective interest method would include O a. a debit to Bond Interest Expense for $22,500. O b. a debit to Premium on Bonds Payable for $1,105. O c. a credit to Premium on Bonds Payable for $2,100. O d. a credit to Cash for $45,000. 3 4