Tooms Elastic Band Co. issued $500,000 of 7% bonds on October 1, 2023 for $536,798 to yield a 6% effective rate. The bonds were dated October 1, 2023, and mature in 10 years, with interest payable annually on October 1st. The adjusting journal entry on December 31, 2023 would include a. debit to Interest Expense for $8,750. b. credit to Interest Expense for $8,052. c. debit to Premium on Bonds Payable for $698. d. debit to Interest Expense for $32,208.