Help Save & Exit On January 1, a company issues bonds dated January 1 with a par value of $320,000. The bonds mature in 5 years. The contract rate is 7%, and Interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $307,034. The journal entry to record the Issuance of the bond is Multiple Choice Debit Cash $320.000: credit Discount on Bonds Payable $12.966; credit Bonds Payable $307,034, Debit Cash $307,034 credit Bonds Payable $307,034 Debit Bonds Payable $320.000; debt Bond Interest Expense $12.966, credit Cash $332.966 Debit Cash $307,034: dept Discount on Bones Payable $12,966, credit Bands Payable $320,000, Debt Cash $307034 Debt Premium on Bonds Payeola $12.966, oudit Bonds Payable $320,000 Submit