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On January 1 , a company issues bonds dated January 1 with a par volue of $340,000. The bonds mature in 5 years. The contract rate is 11%, and interest is paid semiannualy on June 30 and December 31 . The market rate is 10% and the bonds are sold for $353,122. The joumal entry to record the issuance of the bond is: Mulisie Orvice Debit Canh 1353i22; ciedit Bonds Payable 5353,122 Debit Cavi 5340000; debit Premium on Bende Pryable \$3,02; Credit Bonds Poyable 1353,122 Debe Bonds Pysab $340,000 debit Bond interet Eapense $13,122, credr Cash 5353,122 Debit Coth \$3:122, oredit Premium on Bonor Payable \$t3,122; credit Bonds Poyoble $340,000