On January 1, a company issues bonds dated January 1 with a par value of $250,000 The bonds mature in 5 years. The contract rate is 9 %, and interest is paid semiannually to record the first interest payrment using the effective interest method of amortization is: (Rounded to the nearest dollar.) on June 30 and December 31 The market rate is 8% and the bonds are sold for $260,148. The journal entry Multiple Choice Interest Expense S10,406.00, debe Descount on Bonds Paystle $844 00, crede Cash St1250 00 Debit Bond Debit Interest Payable $11,250 00, crede Cash $1,250 00 Debit Bond Interest Expense 12,265 00, cred Premm on Bonds Payeble St.0.00, cred Cash S.250.00 Debit Interest Expense $10.406 deba Premium on Bonds Pevable S844 dt Cash $11.250