On January 1, Year 1, Hanover Corporation issued bonds with a $78,000 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 Cash Bonds Payable Debit 78,000 Credit 78,000 Credit Account Title Cash Discount on Bonds Payable Bonds Payable Debit 75,660 2,340 78,000 Credit Account Title Cash Discount on Bonds Payable Bonds Payable Debit 77,532 468 78,000 Credit Account Title Cash Bonds Payable Debit 78,000 78,000 Credit Account Title Cash Discount on Bonds Payable Bonds Payable Debit 75,660 2,340 78,000 Credit Account Title Cash Discount on Bonds Payable Bonds Payable Debit 77,532 468 78,000 Credit Account Title Cash Discount on Bonds Payable Bonds Payable Debit 78,000 468 77,532