On January 1, a company issues bonds dated January 1 with a par value of $380,000. 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 6% and the bonds are sold for $396,210. The journal entry to record the first interest payment using straight-line amortization is: (Rounded to the nearest dollar) Multiple Choice O Debit Bond Interest Expense $14.921: credit Discount on Bonds Payable $1621, Credit Cash $13,300. o Debit Bond Interest Expense $14,921; credit Premium on Bonds Payable $1621 Credit Cash $13,300 o Debit Bond Interest Expense $11679, debit Discount on Bonds Payable $1621 Credit Cash $13.300 o Debit interest Payable $13,300, credit Cash $13.300 O Debit Bond Interest Expense $11679, debit Premium on Bonds Payable 51621 credit Cash $13.300