On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 96 resulting in a 4% discount. They had a 20 year term and a stated rate of interest of 7% Which of the following journal entries is necessary to recognize the bond issue on January 1, Year 1? Multiple Choice Account Titles Debit Credit Cash 50,000 Discount on Bonds Payable 2,000 Bonds Payable 48,000 Account Titles Debit. Credit Cash 50,000