On January 1. Parson Freight Company issues 70%, 10-year bonds with a par value of $4,500,000. The bonds pay interest semiannually. The market rate of interest is 8.0% and the bond selling price was $4,194,222. The bond issuance should be recorded as: Multiple Choice Debit Cash $4,500,000: credit Bonds Payable $4,500,000. Debit Cash $4,194.222; credit Bonds Payable $4,194,222. Debit Cash $4,500,000, credit Bonds Payable $4,194.222; credit Discount on Bonds Payable $305.778