On January 1, Hurley Corporation issues $500,000, 5-year, 12% bonds at 96 with interest payable on January 1. The entry on January 1 to record payment of bond interest assuming amortization of bond discount used the straight-line method will include a credit to Discount on Bonds Payable $4,000. debit to Interest Expense $60,000. credit to Cash $60,000. O debit to Interest Expense $30,000