Pharoah Company issued $5500000 of 6%, 10-year bonds on one of its interest dates for $4750500 to yield an effective annual rate of 8%. The effective-interest method of amortization is to be used. The journal entry on the first interest payment date, to record the payment of interest and amortization of discount will include a debit to Bond Interest Expense for $440000 credit to Discount on Bonds Payable for $50040. debit to Bond Interest Expense for $330000 O credit to Cash for $380041