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On January 1, the Elias Corporation issued 10% bonds with a face value of $99,000, The bonds are sold for $97,020. The bonds pay interest semiannually on June 30 and December 31 and the maturity date is December 31 , ten years from now. Elias records straight-line amortization of the bond discount. The bond interest expense for the year ended December 31 of the first year is: a. 59.702 b. 510,095 c. 51,930 d. 59,650 The journal entry a company records for the issuance of bonds when the contract rate is less than the market rate would be a. debit Carh and Discount on Bonals Payable, crevit Bonds Payable b. Detit Cask, credit Preminim on Bonds Payable and Bonds Payable c. debit Cash, credit Bonde Payable d. debir Elends Rayable; crebit Caub