On January 1, a company issues bonds dated January 1 with a par value of $480,000. The bonds mature in5 years. The contract rate is 9% and interest is paid semiannually on June 30 and December 31 The market rate 610% and the bonds are sold for $461,461. The journal entry to record the first interest payment using straight- line amortization is: Multiple Choice Debit Interest Expense $21600.00, credit Cash $2160000. Debit Interest Expense $19746 10, debit Discount on Bonds Payable $1,853 90, credit Cash $2160000 Debit Interest Expense $23,45390, credit Premium on Bonds Payable $1,853.90 credt Cash $21600.00 Debit Interest Expense $23,453 90, credt Discount on Bonds Payable $1,853.90, credit Cash $21600.00. Debit Imerest Payable $21600.00, credia Cash $2160000 Pre36 of 100 Naxt >