Cranial Dag Inc. issued fifteen-year 3% bonds with a face value of $5,000,000 on January 1, 2020 when the market (effective) rate of interest was 5%. The bonds pay annual interest on December 31. The Company uses the effective interest method (expect slight rounding). The journal entry made to record the interest payment on December 31, 2020 included which of the following? A debit to Interest expense for $118,861 None of the options is correct A debit to bonds payable for $31,139 O. A debit to Interest expense for $150,000 O A credit to bonds payable for $48,102