On October 1.2020 Sheffield Corp, issued 6%,10-year bonds with a face value of $8010000 at 104 , Interest is paid on October 1 and April 1, with arry premiums or discounts amortized on a straight - line basis. The entry to record the issuance of the bonds would include a debit of \$320400 to Discount on Bonds Piyable. credit of $7689600 to Bonds Payable. credit of $240300 to interest Payable. credit of $320400 to Premium on Bonds Payable