On January 1, a company issues bonds dated January 1 with a par value of $310,000. The bonds mature in 5 years. The contract rate is 11%, and interest is paid semiannually on June 30 and December 31. The market rate is 10% and the bonds are sold for $321,964. The journal entry to record the first interest payment using the effective interest method of amortization is: (Rounded to the nearest dollar.) Multiple Choice Debit Bond Interest Expense $15,854.00; debit Premium on Bonds Payable $1,196.00; credit Cash $17,050.00. Debit Bond Interest Expense $16,098; debit Premium on Bonds Payable $952; credit Cash $17,050. Debit Bond Interest Expense 18,246.00; credit Premium on Bonds Payable $1,196.00; credit Cash $17,050.00. Debit Interest Payable $17,050.00; credit Cash $17,050.00.