On January 1, a company issues bonds dated January 1 with a par value of $440,000. 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 12% and the bonds are sold for $423,810. The journal entry to record the first Interest payment using straight-line amortization is: Multiple Choice Debit interest Expense $22,581.00, debit Discount on Bonds Payable $1619.00; credit Cash $24.200.00. Debit interest Expense $24,200,00, credit Cash $24.200.00 Debit Interest Expense $25,819.00, credit Premium on Bonds Payable $1,619.00, credit Cash $24.200.00. Debit interest Payable $24.200.00: credit Cash $24,200.00 Debit interest Expense $25,819.00, credit Discount on Bonds Payable $1,619.00; credit Cash $24.200.00