On January 1, Year 1, Hanover Corporation issued bonds with a $75,000 face value, a stated rate of interest of 8%, and a 5-year term to maturity. The bonds were issued at 97. Hanover uses the straight-line method to amortize bond discounts and premiums. Interest is payable in cash on December 31 each year. The journal entry used to record the issuance of the bond and the receipt of cash would be: (Round your answer to the nearest whole dollar amount.) Multiple Choice Account Title Debit Credit Cash 74,550 Discount on Bonds Payable 450 Bonds Payable 75,000 Account Title Cash Debit 75,000 Credit Discount on Bonds Payable 450 Bonds Payable 74,550 Account Title Cash Debit 75,000 Credit Bonds Payable 75,000 Account Title Debit Credit Cash 72,750 Discount on Bonds Payable 2,250