On January 1, a company issued bonds dated January 1 with a per value of $500,00. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semi annually on June 30 and December 31. The nearest rate is 8% and the bonds are sold for $112, 177. The journal entry to record the insurance of the bond is: Debit Cash $312, 177; credit Discount on Bonds Payable $12, 177; credit Bonds Payable $312, 177. Debit Bonds Payable $300,000; debit Interest Expense $12, 177; credit Cash $312, 177. Debit Cash $312, 177; credit Premium on Bonds Payable $12, 177; credit Bonds Payable $300,000. Debit Cash $312, 177; credit Bonds Payable $312, 177