On January 1, a company issues bonds dated January 1 with a par value of $360,000. 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 $346,096. The journal entry to record the issuance of the bond is: Multiple Choice Debit Bonds Payable $360,000; debit Bond Interest Expense $13,904; credit Cash $373,904. Debit Cash $360,000; credit Discount on Bonds Payable $13,904; credit Bonds Payable $346,096. Debit Cash $346,096; credit Bonds Payable $346,096. Debit Cash $346,096; debit Premium on Bonds Payable $13,904; credit Bonds Payable $360,000. Debit Cash $346,096; debit Discount on Bonds Payable $13,904; credit Bonds Payable $360,000