On October 1,2014 Macklin Corporation issued 5%, 10-year bonds with a face value of $4,000,000 at 103. Interest is paid on October 1 and April 1, with any premiums or discounts amortized on a straight-line basis. The entry to record the issuance of the bonds would include a debit of $100,000 to Interest Payable. debit of $120.000 to Discount on Bonds Payable. credit of $3,880,000 to Bonds Payable. credit of $120,000 to Premium on Bonds Payable