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On January 1, a company issued and sold a $402,000, 8%, 10-year bond payable, and received proceeds of $397.000. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. The Journal entry to record the first interest payment is: Multiple Choice Debit Bond Interest Expense 516,080; credit Cash $16,080 Debit llond Interest Expense $15,830; debit Discount on Bonds Payable $250, credit Cash 516,080 Debit Bond Interest Expense $16.330, crest Cash $16,080; credit Discount on Bonds Payable $250, Dedit Bond Interest Expense $32,160, credit Cash $32,160 Debit Bond interest Expense 516,080 dobit Discount on Bonds Payable $250. Credit Cash 516 3.30