anuary 1, a company issues bonds dated January 1 with a par value of $400,000. The bonds mature in 5 years. The contract rate is 7%, and interest id semiannually on June 30 and December 31 . The market rate is 8% and the bonds are sold for $383,793. The journal entry to record the issuance bond is: Multiple Choice Debit Cash $400,000; debit Discount on Bonds Payable $16,207; credit Bonds Payable $416,207. Debri Cash \$383,793; debit Discount on Bonds Payable $16,207; credit Bonds Payable $400,000. Debit Bonds Payable \$400,000; debit Bond interest Expense $16,207; credit Cash $416,207. Debit Cosh $383,793; debit Premium an Bonds Payobie \$16,207: credit Bonds Payable $400,000. Deblt Cash \$383,793; credit Bonds Payable \$383,793