Williams Company issued $5,000,000 of 6%, 10-year bonds on one of its interest dates for $4,318,500 to yield an effective annual rate of 8%. The effective interest method of amortization is to be used. The journal entry on the first interest payment date, to record the payment of interest and amortization of the discount will include a credit to Discount on Bonds Payable for $49,118. credit to Cash for $345,481 credit to Discount on Bonds Payable for $45,480. debit to Bond Interest Expense for $300,000