On January 1, 2015, Crabb & Co. issued 10-year bonds with a total face value of $500,000. The bond requires annual interest payments on December 31 at a stated rate of 6%. Bonds with similar features are discounted in the market at 8%. Were the bonds issued at a discount or a premium? Discount How much cash will Crabb & Co. receive from issuing the bond? 432,899.18 How does this transaction affect Crabb 8; Co.'s balance sheet on the date of the issuance? Discount on Bonds Payable 432,899.18 I 500,000 I 67,100.82 I BALANCE SHEET INCOME ACCOUNT NAME CREDIT 5\"" Cash Bonds Payable