On January 1, a company issues bonds dated January 1 with a par value of $300,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $312177. The journal entry to record the issuance of the bond is: Debit Cash $300,000; debit Premium on Bonds Payable $12, 177; credit Bonds Payable $312, 177. Debit Cash $312, 177; credit Bonds Payable $312, 177. Debit Cash $312, 177; credit Discount on Bonds Payable $12, 177; credit Bonds Payable $300,000 Debit Cash $312, 177; credit Premium on Bonds Payable $12, 177; credit Bonds Payable $300,000 Debit Bonds Payable $300,000; debit Bond Interest Expense $12, 177; credit Cash $312, 177