On January 1, a company issues bonds doted January 1 with a par value of $370,000 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 $384, 280 The journal entity to record the issuance of the bond >>s. Debit Cash $384, 280; credit Discount on Bonds Payable $14, 280. credit Bonds Payable $370,000. Debit Bonds Payable $370,000 debt Bond Interest Expense $14, 280 credit Cash $384, 280 I Debit Cash $384, 280. credit Bonds Payable $384, 280 Debit Cash $384, 280; credit Premium on Bonds Payable $14, 280. credit Bonds Payable $370,000. Debit Cash $370,000. debit Premium on Bonds Payable $14, 280. credit Bonds Payable $384, 280