Baxter Company issued $736,000, 8%, 5-year bonds for 98, with interest paid annually. Assuming straight-line amortization, what is the journal entry for the first interest payment? (Round intermediary and final answers to two decimal places.) O A. debit Interest Expense for $61,824, credit Discount on Bonds Payable for $2,944 and credit Cash for $58,880 O B. debit Cash for $55,936 and debit Premium on Bonds Payable for $2,944; credit Interest Expense for $58,880 OC. debit Cash for $61,824; credit Discount on Bonds Payable for $2,944 and credit interest Expense for $58,880 OD. debit Interest Expense for $55,936 and debit Premium on Bonds Payable for $2,944; credit Cash for $58,880