On January 1, a company issues bonds dated January 1 with a par value of $400,000. 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 $383,793. The journal entry to record the issuance of the bond is: Multiple Choice Debit Cash $383,793, debit Premium on Bonds Payable $16.207; credit Bonds Payable $400.000, Debit Bonds Payable $400,000, debit Bond Interest Expense 516,207, credit Cash $416,207 Debit Cash $383,793, debit Discount on Bonds Payable $16.207. credit Bonds Payable $400,000 Debit Cash $400.000, debit Discount on Bonds Payable $16, 207, credit Bonds Payable $416 207 Multiple Choice Debit Cash $383,793, debit Premium on Bonds Payable $16.207credit Bonds Payable $400.000 Debit Bonds Payable $400,000, debit Bond Interest Expense $16.207 credit Cash $416,207. Debit Cosh 5383,793; debit Discount on Bonds Payable $16, 207, credit Bonds Payable $400.000. Debit Cash $400,000, debit Discount on Bonds Payable $16,207, credit Bonds Payable $416,207. Debit Cash $383,793, credit Bonds Payable $383,793