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 first interest payment using the effective interest method of amortization is: (Rounded to the nearest dollar.) Multiple Choice Debit Bond Interest Expense $9,157; debit Premium on Bonds Payable $743; credit Cash $9,900. Debit Bond Interest Expense $9,157.00; debit Discount on Bonds Payable $743.00; credit Cash $9,900.00. Debit Interest Payable $9,900.00; credit