On January 1, a company issues bonds dated January 1 with a par value of $220,000. 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 8% and the bonds are sold for $228,930. The journal entry to record the issuance of the bond is: Multiple Choice o Debit Cash $220,000; debit Premium on Bonds Payable $8,930; credit Bonds Payable $228,930. o Debit Bonds Payable $220,000; debit Bond Interest Expense $8,930; credit Cash $228,930. o Debit Cash $228,930; credit Bonds Payable $228,930. o Debit Cash $228,930; credit Discount on Bonds Payable $8,930; credit Bonds Payable $220,000