Baxter Company issued $725,000, 8%, 3-year bonds for 101, with interest paid annually. Assuming straight-line amortization what is the journal entry for the first interest payment? debit Interest Expense for $55,583.33 and debit Premium on Bonds Payable for $2.416.67; credit Cash for $58,000 debit Cash for $60,416.67; credit Discount on Bonds Payable for $2,416.67 and credit Interest Expense for $58,000 debit Interest Expense for $60,416.67; credit Discount on Bonds Payable for $2,416.67 and credit Cash for $58,000 debit Cash for $55,583.33 and debit Premium on Bonds Payable for $2,416.67; credit Interest Expense for $58,000