New West issued $5,000,000 par value, 12%, 5 year bonds on January 1, 2020. Interest is to be paid semiannually on June 30 and December 31. The bonds were sold for $4,648,580 when the market rate was 14%. The company uses the effective interest method for amortization. The entry to record the bonds on January 1, 2020 includes a credit to bond premium for $351,420. a debit to bond discount for $351,420 a credit to bond discount for $351,420 a debit to bond premium for $351,420