On January 1, Parson Freight Company issues 8.0%, 10-year bonds with a par value of $3,700,000. The bonds pay interest semiannually. The market rate of interest is 9.0% and the bond selling price was $3,448,582. The bond issuance should be recorded as: Multiple Choice Debit Cash \$3,700,000; credit Bonds Payable $3,700,000 Debit Cash $3,448,582; credit Bonds Payable $3,448,582 Debit Cash \$3,700,000; credit Bonds Payable $3,448,582; credit Discount on Bonds Payable $251,418. Debit Cash $3,448,582; debit Discount on Bonds Payable $251,418, credit Bonds Payable $3,700,000. Debit Cash $3,448,582; debit interest Expense $251,418, credit Bonds Payable $3,700,000