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 10% and the bonds are sold for $288,413. The Journal entry to record the issuance of the bond is Multiple Choice Debit Can $288.413, credit Bonds Payable $288.403 Debit Cash $288.43 debit Premium on Bonds Payable $11.587. credit Bonds Payable $300,000 Debit Cash $288.413. debit Discount on Bonds Payable $11587. credit Bonds Payable $300,000 Debit Cash $300,000 credit Discount on Bonds Payable $11,587, credit Bonds Payable $288,413