On January 1, a company issues bonds dated January 1 with a par value of $280,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $291,365. The journal entry to record the issuance of the bond is: Multiple Choice Debit Cash $291,365, credit Premium on Bonds Payable $11,365, credit Bonds Payable $280,000. Debit Bonds Payable $280,000; debit Bond Interest Expense $11,365, credit Cash $291,365. Debit Cash $280,000; debit Premlum on Bonds Payable $11,365, credit Bonds Payable $291,365. Debit Cash $291,365, credit Bonds Payable $291,365. Debit Cash $291,365, credit Discount on Bonds Payable $11,365, credit Bonds Payable $280,000