heducation.com/ext/map/index.html con contexternal browser=UdlaunchUn=https%253A%252F252Fwoon 32 UvityUS. Saved Help Save & Exit Su On January 1, a company issues bonds dated January 1 with a par value of $230,000. 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 6% and the bonds are sold for $239,811. The journal entry to record the first interest payment using the effective interest method of amortization is: (Rounded to the nearest dollar.) Multiple Choice Debit Bond Interest Expense $7,194.00; debit Discount on Bonds Payable $856.00. credit Cash $8,050.00 Debit Bond Interest Expense 9,03100, credit Premium on Bonds Payable $98100; credit Cash $8,050.00 Debit interest Payable $8,050.00, credit Cash $8,050.00 Debit Bond Interest Expense $7194, debit Premium on Bonds Payable $856: credit Cash $8.050. O B search g