On January 1, a company issues bonds dated January 1 with a par value of $320,000. 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 $307031. The journal entry to record the issuance of the bond is: Multiple Choice Debit Cash $307034, debe Discount on Bonds Payable $12.966, credit fonds Peyable $320.000 Debit Cash $320.000,cret Discount on Bonds Payable $12.966, credit Bonds Payable $3070M Debit onds Payable $320.000, dit Bondirerest Expense $12.96 Credit Cash $12.966 Detit Cash $307034, debe Premium on Bands Payotte $12.966crede fonds Paynbio $320,000 har en ten