28 On January 1, your company issues a 5-year bond with a face value of $10,000 and a stated interest rate of 7%. The market interest rate is 5%. The issue price of the bond was $10.986. Your company used the effective interest method of amortization. At the end of the first year, your company should: 00:32:37 Multiple Choice debit interest Expense for $700, credit Premium on Bonds Payable for $15100, and credit interest Payable for $549.00 debit interest Expense for $700, debit Premium on Bonds Payable for $15100, and credit interest Payable for $54900 O debt interest Spense for $549.00 and credit interest Payable for $549.00 debit interest Expense for $549.00 Premium on Bon for $5.00 do Cash for $700