On January 1, a company issued and sold a $397.000.5%, 10-year bond payable and received proceeds of $392.000. 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 59.925. Credit Cash 59.925 Debt Bond Interest Expense 519.850. credit Cash $19,850 Debit Bond Interest Expense $9,675. debit Discount on Bonds Payable $250 credit Cash 59.925