On January 1, a company issued and sold a $410,000, 5%, 10-year bond payable, and received proceeds of $405,000. 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 $10,000; debit Discount on Bonds Payable $250; credit Cash $10,250. Debit Bond Interest Expense $20,500; credit Cash $20,500. Debit Bond Interest Expense $10,500; credit Cash $10,250; credit Discount on Bonds Payable $250. Debit Bond Interest Expense $10,250; credit Cash $10,250. Debit Bond Interest Expense $10,250; debit Discount on Bonds Payable $250; credit Cash $10,500