QUESTION 22 On January 1 of the current year, Sophia Corporation issued $500,000,6%, 5-year bonds for $520,000. The journal entry to record this transaction would be: a. Cash 520,000 Bonds payable 520,000 b. Cash Bonds payable Premium on bonds payable 520,000 500,000 20,000 Oc. Cash 500,000 Discount on bonds payable 20,000 Bonds payable 520,000 d. Cash 520,000 520,000 Premium on bonds payable