On January 1, a company issues bonds dated January 1 with a par value of $500,000. The bonds mature in 5 years. The contract rate is 11%, and interest is paid semiannually on June 30 and December 31. The market rate is 12% and the bonds are sold for $481603. The journal entry to record the first interest payment using straight line amortization is Moltiple Choice Debit interesse $2930970, emin on bonds wyable $18.970, cred Cash $2750000 Debit interest Expense $25 660.30. Discount on fonds Paysle $183970. Cash 52750000 Debit respon $27.500.00 Credit Cash 27.500.00 Terbitres $27500.00 Groth 122,500.00