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Columbus, Inc., issued $160,000 of 5-year, 10 percent bonds payable on January 1. Columbus, Inc., pays interest each January 1 and July 1 and amortizes any discount or premium by the straight-line method. Columbus, Inc., can issue its bonds payable under various conditions (Click the icon to view the conditions.) Read the requirements. **** Date Accounts Debit Credit 11,000 Jul 1 Interest expense Cash 8,000 Discount on bonds payable 3,000 c. Record the issuance at a price of $180,000 when the market rate was below 10 percent. Journal Entry Date Accounts Debit Credit Cash Premium on bonds payable Bonds payable Jan 1