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 $312.177. The journal entry to record the issuance of the bond is Multiple Choice Debit Cash $312.177, credit Bonds Payable $312.177 Debit Cash $312.377, credit Discount on Bonds Payable $12,177, credit Bonds Payable $300,000 Debit Cash $312.377, credit Premium on Bonds Payable $12,177, credit Blonds Payable $300,000 Debit Bonds Payable $300,000, debit Bond Interest Expense $12.177, credit Cash $312,177 Debit Cash $300,000, debt Premium on Bonds Payable $12.177, credit Bonds Payable $312.177