On July 1, 2018, Cango Corporation issues $4,000,000 of 10 -year bonds for $4,020,000 when the market rate of interest was 8%. Cango Corporation uses the effective-interest method of amortization. Interest is paid each June 30 and December 31. The entry to record the first semi-annual interest payment on December 31,2018 , will include a: Select one: a. debit to Bonds Payable for $321,600 b. credit to Bonds Payable for $320,000 c. debit to Interest Expense for $160,800 d. credit to Interest Payable for $140,000 Under the effective-interest method of amortization for bonds, the cash payment on each interest payment date: Select one: a. increases over the first half of the life of the bond, and then decreases thereafter b. increases over the life of the bond c. decreases over the life of the bond d. is constant over the life of the bond