On January 1, a company issues bonds dated January 1 with a par value of $320.000. 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 5% and the bonds are sold for $333.650. The journal entry to record the first interest payment using the effective interest method of amortization is (Rounded to the nearest dollar) Debat Boad s Expense 59.335.00; debit Premium on Bonds Payable 51,365.00 credit Cash 11,200.00 Debit Bond Interest Expense 12.565.00;credit Premium on Bonds Payable 51,365.00, credit Cash $11.200,00 Debit Benderest Expense 510.010, debitPr o Bands Payable $1,190 cdi Cash $11.200 Dobit interest Payable 511,200.00, credit Cash 511,200.00 Debat Bond Interest Expense $1001000, debit Discount on Bonds Payable $1.190.00; Credit Cash Sil,200.00