Question 37 (4 points) Use the following information for items 37, 38 and 39. On January 1, 2020, Peace Hall Corporation issued $1,000,000 of 10-year, 6% bonds for $980,000. These bonds pay interest semi-annually on June 30 and December 31. What is the journal entry to record the following transactions? Issuance of the bonds on January 1, 2020. Debit: Cash, 1,000,000; Bonds Payable, 20,000 Credit: Bonds Payable, 980,000 and Premium on Debit: Cash, 1,000,000; Credit: Bonds Payable, 1,000,000 Debit: Cash, 980,000 and Discount on Bonds Payable, 20,000 Credit: Bonds Payable, 1,000,000 Credit: Bonds Debit: Cash, 980,000 and Premium on Bonds Payable, 20,000: Payable