To be able to raise capital, Danson Company issued five-year, $50,000,7% bonds on January 2, 2020, with Interest payable annually each December 31. The issue price was $54,330 based on an 5% market rate Rounding calculations to the nearest whole dollar, which of the following journal entries correctly records the 2020 interest expense? Multiple Choice O Interest expense Cash 3.500 3.500 O nterest expense Bond premium Cash 27171 783 3.500 Interest expense 1359 Bond discount 392 Il y lue 3,500 Interest expense Cash 3,500 E Interest expense Bond premium Cash 2,717 783 3,500 IT 1 Interest expense Bond discount Cash 1,35 392 1 T 1750 1 3500|| interest expense Bond premium Cash 3,803