On January 1, a company issues bonds dated January 1 with a par value of $350,000. The bonds mature in 5 years. The contract rate is 7% and interest is paid semiannually on June 30 and December 31 The market rate is 8% and the bonds are sold for $335,879. The journal entry to record the first Interest payment using straight-line amortization is Multiple Choice o Debit interest Expense 310 83190: debit Discount on Bonds Payable 51,478 10. Credit Cash $12.250,00 Debit interest Expense 513,668.10.credit Discount on fonds Payable $141210 Credit Coh $12,250,00 Debt rest Expense 12.250.00 Credit Cash $12,250.00 Debit interest Expense 513,66810 credit Premium on Bonds Payable $14180 Credit Cash $12.25000 Debit interest Payable $12,25000, Credit Cash $12.250.00 On January 1, a company issues bonds dated January 1 with a par value of $370,000. The bonds mature in 5 years. The contract rate is 19%, and intere is paid semiannually on June 30 and December 31. The market rate is 10% and the bonds are sold for $384 280. The Journal entry to record the first interest payment using straight-line amortization is: (Rounded to the nearest dollar.) Multiple Choice Debit Bond Interest Expense $21778: credit Discount on Bonds Payable $1428; credit Cash $20.350. Debit Bond Interest Expense $18,922 debit Discount on Bonds Payable 51.428; credit Cash $20,350 Debit interest Payable $20,350, credit Cash $20,350. Debil Bond Interest Expense $21778, credit Premium on Bonds Payable $1428; credit Cash $20,360, Debit Bond Interest Expense $18,922 debit Premium on Bonds Payable $1428. Credit Cash $20.350