On January 1, a company issues bonds dated January 1 with a par value of $300,000. 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 10% and the bonds are sold for $288.413. The journal entry to record the first interest payment using the effective interest method of amortization is: Multiple Choice Debit interest Payable $13.500 cred Cash $13,500 O Debit interest Expense $12.579, debit Premium on Bonds P oble 5921 credit carn $13.500 O Debit interest Expense $1442t credit Premium on Bonds Payable $921 credit Cash $13.500 O Debt interest Expense 54,421 credit Discount on Bonds Payable $921 Credit Cath $13.500 Debit interest Expense $12.579; debt Discount on Bonds Payable 5921 cred Cash $13.500