TB MC Qu. 10-151 On January 1, a company issues... On January 1, a company issues bonds dated January 1 with a par value of $230,000. 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 6% and the bonds are sold for $239,811. The journal entry to record the first interest payment using the effective interest method of amortization is: (Rounded to the nearest dollar.) Multiple Choice Debit Bond Interest Expense $7194, debit Premium on Bonds Payable $856, credit Cosh $8,050 o Debit Interest Payable $8,050,00, credit Cash $8,050.00 Debit Bond Interest Expense 57194.00, deblt Discount on Bondu Payable $856.00, credit Cash $8,050.00 Debit Bond Interest Expense 9,09100, credit Premium on Bonds Payable 598100, credit Cash $8,050.00 Debit Bond Interest Expense 5706900, debit Premium on Bonds Payable $98100, Credit Cash $8,050.00