Sarasota Corp. issues 5500, 10-year, 8%, $1000 bonds dated January 1, 2020, at 105. The journal entry to record the issuance will show a

debit to Cash of $5500000.

credit to Bonds Payable for $5500000.

credit to Cash for $5775000.

debit to Premium on Bonds Payable for $275000.