TB MC Qu. 10-154 On January 1, a company issues... On January 1, a company issues bonds dated January 1 with a par value of $460.000. 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 $441,361. The journal entry to record the issuance of the bond is Multiple Choice Debit Cash $441,361, debit Premium on Bonds Payable 518,639, credit Bonds Payoble $460,000 O Debit Cash $460,000; credit Discount on Bonds Payable $18,639, credit Bonds Payable $441,361 O Debit Bonds Payable $460,000, debit Bond Interest Expense $18,639, Credit Cash $478639 Debit Cash $441,361 debit Discount on Bonds Payable $18,639. credit Bonds Payable $460000 O Debit Cash $441,361, credit Bonds Payable $441,361