On January 1, a company issues bonds dated January 1 with a par value of $470,000. The bonds mature in 5 years. The contract rate is 10%, and interest is paid semiannually on June 30 and December 31. The market rate is 11% and the bonds are sold for $452,272. The journal entry to record the 43 second interest payment using the effective interest method of amortization is: Skipped Multiple Choice Debit Interest Payable $23,500.00; credit Cash $23,500.00. Debit Interest Expense $22,125.06; debit Discount on Bonds Payable $1,374.94; credit Cash $23,500.00. Debit Interest Expense $24,874.94; credit Discount on Bonds Payable $1,374.94; credit Cash $23,500.00. Debit Interest Expense $24,950.56; credit Discount on Bonds Payable $1,450.56; credit Cash $23,500.00. Debit Interest Expense $22,125.06; debit Premium on Bonds Payable $1,374.94; credit Cash $23,500.00