LO On January 1, Year 1, Hanover Corporation issued bonds with a $50,250 face value, a stated rate of interest of 8%, and a 5-year term to maturity. The bonds were issued at 97 Hanover uses the straight- line method to amortize bond discounts and premiums. Interest is payable in cash on December 31 each year. The journal entry used to record the issuance of the bond and the receipt of cash would be: (Round your answer to the nearest whole dollar amount.) Multiple Choice O Cashonde Payable 50,250 50,250 50,250 Cash Discount on Bonds Bonds Payable la 49,948 Cash Discount on Bonds Payable Bonds Payable 49,948 302 48.742 Discount on Bonds Payable Bonds Payable