Corbin Corporation issued $800,000, 12% bonds at 97. The entry to record this transaction is: debit Cash $800,000; credit Bonds Payable $800,000. debit Cash $800,000; credit Bonds Payable $776,000; credit Discount on Bonds Payable $24,000. debit Cash $776,000; debit Discount on Bonds Payable $24,000; credit Bonds Payable $800,000. debit Cash $776,000; credit Bonds Payable $776,000