On January 1 , a company issues bonds dated January 1 with a par value of $210,000. The bonds mature in 5 years. The contract rate is 11%, and interest is paid semiannually on June 30 and December 31 . The market rate is 10% and the bonds are sold for $218,105. The journal entry to record the first interest payment using the effective interest method of amortization is: (Rounded to the nearest dollar.) Multiple Choice Deblt Bond Interest Expense 12,361; credlt Premlum on Bonds Payable $811; credit Cash $11,550. Debit Interest Payable $11,550; credit Cash $11,550. Deblt Bond Interest Expense $10,739; deblt Premium on Bonds Payable $811; credit Cash $11,550. Debit Bond Interest Expense $10,905; debit Premium on Bonds Payable $645; credit Cash $11,550. Debit Bond Interest Expense $10,905; debit Discount on Bonds Payable $645; credit Cash $11,550