On January 1, a company issued and sold a $396,000,7%, 10-year bond payable, and received proceeds of $391,000. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. The Journal entry to record the first interest payment is Multiple Choice Debit Bond Interest Expense $14,110, credit Cash $13,860, credit Discount on Bonds Payable $250 Debit Bond Interest Expense $13,610, debit Discount on Bonds Payablo $250; Credit Cash $13,860 Debit Bond Interest Expense $13,860; debit Discount on Bonds Payable $250;credit Cash $14.110 Debit Bond Interest Expense $13,860: credit Cash $13,860 Debit Bond Interest Expense $27,720, credit Cash $27720