ABC Corporation issues 4,000, 10-year, 8%, $1,000 bonds at 97 (97% of par value). The journal entry to record the issuance will show a credit to Bonds Payable for $3,880,000 debit to Discount on Bonds Payable for $120,000 credit to Cash for $3,880,000 debit to Cash of $4,000,000