On January 1, a company issues bonds dated January 1 with a par value of $400,000. 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 $383,793. The journal entry to record the issuance of the bond is: Multiple Choice Debit Cash $400,000; debit Discount on Bonds Payable $16,207; credit Bonds Payable $416,207 Debit Cash $383,793, debit Discount on Bonds Pavable $16.207; credit Bonds Payable $400,000. Debit Bonds Payable $400.000: debt Bond Interest Expense $16.207: credit Cash $416.207 Debit Cash $383,793, debit Premium on Bonds Payable $16.207, credit Bonds Payable $400,000. Debit Cash $383.793 credit Bonds Payable $383,793. 2 of 11