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On January 1, a company issues bonds dated January 1 with a par value of $430,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $412.577. The journal entry to record the first interest payment using the effective interest method of amortization is: Multiple Choice O Debit Interest Expense $13,597; debit Premium on Bonds Payable $1.453: credit Cash $15,050. O Debit Interest Expense $16,503; credit Discount on Bonds Payable $1.453; credit Cash $15.050. O Debit Interest Expense $13,597; debit Discount on Bonds Payable $1,453; credit Cash $15,050. O Debit Interest Expense $16,503; credit Premium on Bonds Payable $1.453; credit Cash $15,050. Debit Interest Payable $15,050: credit Cash $15,050