On January 1, a company issues bonds dated January 1, 2018 with a par value of $300,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid annually on December 31. The bonds are sold for $312,200. The journal entry to record the first interest payment using straight-line amortization is: Select one: a. Debit Interest Expense $27,000; credit Premium on Bonds Payable $2,440; credit Cash $24,560. b. Debit Interest Payable $27,000; credit Cash $27,000. c. Debit Interest Expense $24,560; debit Discount on Bonds Payable $2,440; credit Cash $27,000. d. Debit Interest Expense $24,560; debit Premium on Bonds Payable $2,440; credit Cash $27,000.

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