On January 1, a company issues bonds dated January 1 with a par value of $510,000. The bonds mature in 5 years. The contract rate is 8 % , and Interest is paid semiannually on June 30 and December 31. The market rate is 9 % and the bonds are sold for $489,808. The journal entry to record the second interest payment using the effective interest method of amortization is Multiple Choice Debit Interest Payable $20,400.00; credit Cash $20,400.00 Debit Interest Expense $18,758.64, debit Premium on Bonds Payable $1,641.36 credit Cash $20,400.00 Debit Interest Expense $18,758.64; debit Discount on Bonds Payable $164136, credit Cash $20,400.00 Debit Interest Expense $22,115.22 credit Discount on Bonds Payable $1,715.22, credit Cash $20,400.00. Debit Interest Expense $22.04136: credt Discount on Bonds Pvhble $1.641.36 credit Cash $20 40000. MacBook Air