On January 1, a company issues bonds deted January 1 with a par value of $400,000. The bonds mature in 5 years. The contract rate is 1, and interest is paid semiannually on June 30 and December 31. The market rate is 10% and the bonds are sold for $415,437. The journal entry to record the first interest payment using straight-line amortization is: (Rounded to the nearest dollar.) Multiple Choice Debit Bond Interest Expense $23,544, credit Premium on Bonds Payable $1,544, credit Cash $22,000. Debit Interest Payable $22,000; credit Cash $22,000 Debit Bond Interest Expense $23,544; credit Discount on Bonds Payable $1,544; credit Cash $22,000. Debit Bond Interest Expense $20,456; debit Premium on Bonds Payable $1.544; credit Cash $22,000. Debit Bond Interest Expense $20,456; debit Discount on Bonds Payable $1,544; credit Cash $22,000.