On January 1, a company issues bonds dated January 1 with a par value of $430,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $412,577. The journal entry to record the issuance of the bond is Multiple Choice Debit Cash $430,000, credit Discount on Bonds Payable $17.423, credit Bands Payable $412.577. Debit Cash 5412.577. credit Bonds Payable $412.577, Debit Cash $412.577 debit Discount on Bonds Payable 517,423 credit Bonds Payable $430,000 Debit Bonds Payable $430 000, debit Bond Interest Expense $17.423, credit Cash 5447.423 Debit Cash $430,000; credit Discount on Bonds Payable $17423, credit Bonds Payable $412,577. Debit Cash $412,577: credit Bonds Payable $412,577. Debit Cash $412,577; debit Discount on Bonds Payable 517,423, credit Bonds Payable $430,000. Debit Bonds Payable $430,000, debit Bond Interest Expense $17,423, credit Cash $447,423 Debit Cash $412,577, debit Premium on Bonds Payable $17,423, credit Bonds Payable $430,000