On January 1, 2010, Grant Corporation issued $4,000,000, 10-year, 8% bonds at 102. Interest is payable semiannually on January 1 and July 1. The journal entry to record this transaction on January 1, 2010 is debit cash and credit bonds payable for $4,000,000 debit cash and credit bonds payable for $4, 080,000 debit cash for $4,000,000 and premium on bonds payable for $80,000; credit bonds payable for $4, 080,000 debit cash for $4, 080,000; credit premium on bonds payable for $80,000 and credit bonds payable for $4,000,000